1. Global warming may increase the frequency and severity of droughts in Western Canada.
2. Use the supply and demand model to examine the short-run and long-run impact on the wheat market.
3. Use a demand and supply model to examine the impact of the Western drought on the market for PEI potatoes.

1. Interest rates have fallen dramatically over the last 10 years. Using supply and demand models:
2. Predict the short-run impact of the lower interest rates on the price of housing.
3. Predict the long-run impact of the lower interest rates on the price of housing.
4. Predict the impact of low interest rates on rental prices for apartments.
5. If interest rates begin to rise, what will be the impact on the price of window blinds?

1. Suppose the inverse demand and supply curves are given by:

P = 5 - 0.01Q^D and P = 1 + 0.02Q^S

1. Graph the demand and supply curves given by these equations.
2. Find the equilibrium price and quantity.
3. Find the demand and supply equations.

1. Six years ago, many forecasters were expecting political upheaval, civil wars and insurgencies in Sudan, Libya, Syria, Iraq, Nigeria, and Venezuela to disrupt world oil supply. They also expected China and India to experience economic growth of 10% per year.
2. Illustrate how this will affect the oil market.
3. Illustrate how this will affect the market for SUV's.
4. Illustrate how this will affect the market for compact sedans.
5. Illustrate how this will affect the market for Natural gas.
6. Illustrate how this will affect the market for goods manufactured using energy.
7. What happened to the world price of oil over the last 6 years?

1. Mike Moffatt of the Ivey School of Business reported (https://www.thoughtco.com/price-elasticity-of-demand-for-gasoline-1147841) estimates for the short-run and long-run elasticity of demand for gasoline. What will be the short run and long run impact of an increase in the carbon tax on gasoline of $0.08 per litre?

1. Nicholas Kristof of the New York Times argues that evidence is overwhelming that World poverty is falling ( https://www.youtube.com/watch?v=kYSnHW_1wKM ). Use the Demand and Supply model of the labour market to provide an explanation for falling poverty rates in poor countries.

1. Suppose that the average Canadian family's income rises from $45,000 to $55,000 and the number of automobiles per family rises from 1.7 to 2.3. What is the income elasticity of demand for automobiles?