Econ 100 homework help

1. For each of the following markets draw the demand and supply model. Label the demand curve (D1), supply curve ($1), axes (Price, Quantity), equilibrium price and quantity (P 1 and Q'1). Then, on the same graph, draw and show how the given events will shift the demand and/ or supply curves. Also show how p* and Q* will be affected. Label the new demand curve (D2) and supply curve ($2) and the new equilibrium price and quantity (P*2 and Q 2). Clearly say what will happen to P* & Q*. a. Draw the market for Milk at Safeway. The price of milk at Rosauers (a Safeway competitor) decreases. Demand Curve will (circle one): Shift Right Supply Curve will (circle one): Shift Left Not Shift Shift Right Shift Left Not Shift b. Draw the market for orange juice. The price of oranges decreases. Demand Curve will (circle one): Shift Right Shift Left Not Shift Supply Curve will (circle one): Shift Right Shift Left Not Shift c. Draw the market for a Math textbook. The instructors decide to use free online resources and make the textbook optional (it used to be required) and at the same time, the price of paper needed to make the textbook increases. Shift Right Shift Left Not Shift Demand Curve will (circle one): Supply Curve will (circle one): Shift Right Shift Left Not Shift d. Draw the market for Hunt's Ketchup. There is an increase in the price of tomatoes used by Hunt's and at the same time the price of Heinz Ketchup increases. Assume that Heinz Ketchup and Hunt's Ketchup are substitutes. Demand Curve will (circle one): Shift Right Shift Left Not Shift Supply Curve will (circle one): Shift Right Shift Left Not Shift