Course: Microeconomics - Supply and Demand Analysis

(From Robert Frank' Microeconomic Book)

Show graphically in detail what changes in price and quantity are to be expected in the following markets: (a) Crude oil market: when oil reserves decrease, it is more difficult to find and recover crude oil: (b) Air travel market: concern about air safety leads passengers to shy away from air travel. c) Train travel market: concerns about air safety lead passengers to shy away from air travel (idem above). d) Hawaii hotel room market: air safety concerns lead passengers to shy away from air travel (idem above). e) Milk market: a genetically engineered hormone allows large dairy farmers to reduce production costs.