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Economics 221 Homework 1 -M. Lowrey 1. Here are some hypothetical supply and demand curves. Determine equilibrium price demand.) and quantity for each system of equations. (P is price, Q is price, S is supply and D is a. QS=-20 + 8P Q D= 100 - 2P b. QS= -16 + 2.5P Q D= 56 - 1.5P c. QS= -40 + 7P Q D=200 - P Show the standard supply & demand graphs to justify your answer for each part of questions 2 and 3. 2. Consider the market for gin, which is, let us assume, a normal good. What happens to equilibrium price and quantity of gin when: a. Income increases b. The price of juniper berries, an input, increases c. The price of rum, a substitute in consumption but not production, decreases d. Both b and c happen at the same time 3. Consider the market for staplers, which is, let us assume, a normal good. What happens to equilibrium price and quantity staplers rum when: a. People decide to make a style statement by using differed colored paper clips instead of using staples b. The price of steel, an input, decreases c. The price of staples increases d. Both b and c happen at the same time 4. Calculate the elasticity. Then tell me whether that elasticity falls in the elastic, inelastic or unit elastic ranges. a. P 1 = 10 P2 = 11 Q1 =22 Q2= 20 b. P 1 = 4 P2= 6 Q1=8 Q2= 5 c. P 1 = 8 P 2 = 10 Q1 = 15 Q2 = 10 5. You're the manager at Sam's Big and Tall. You notice that at $20 your store sells 10 shirts a day while at $15 you sell 15 shirts a day. Are you facing an elastic, inelastic or unit elastic demand curve for shirts in this price range? For a 1% reduction in price, how many more shirts would you expect to sell? 6. If I observed a own price elasticity of demand of -2, how much would the quantity demanded change if price decreased by 3 percent