Economic Analysis for Decision Makers

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Supply and Demand Quiz

1.TV Market (Make sure to include a graph and an analysis (causation) as well as the assumptions you are making to support your answer for each question.)

As the Super Bowl approaches and people want a bigger TV to watch the game, what happens to the price and quantity of TVs?

As consumers expect the new better HD TV to come out, what happens to price and quantity of the current TV model?

As the Price of Samsung increases, what happens to the price and quantity of Sony TVs?

As parts coming from North Korea cost more money, what happens to the price and quantity of TVs?

2.The Clothing Market. (Make sure to include a graph and the assumptions you are making to support your answer for each question.)

A.As income falls, what happens to the price and quantity of cloths?

As the cost of material falls, what happens to the price and quantity of jackets?

As the price of Nike's increases, what happens to the price and quantity of Reebok?

If we impose a tax on cloths, what happens to the price and quantity of cloths?