Illustrate the following with supply and demand curves:

a. With increased access to wireless technology and lighter

weight, the demand for 2-in-1 laptop computers has

increased substantially. 2-in-1 laptops have also become

easier and cheaper to produce as new technology has

come online. Despite the shift of demand, prices have

fallen.

b. Cranberry production in Massachusetts totaled 1.91

million barrels in 2017, a 16 percent decrease from the

2.22 million barrels produced in 2016. Demand also decreased,

but by less than than supply, raising 2017 prices

to $48.70 per barrel from $44.50 in 2016.

c. During the high-tech boom in the late 1990s, San Jose

office space was in high demand and rents were high.

With the national recession that began in March 2001,

however, the market for office space in San Jose (Silicon

Valley) was hit hard, with rents per square foot falling.

In 2005, the employment numbers from San Jose were

rising slowly and rents began to rise again. Assume for

simplicity that no new office space was built during the

period.

d. Before economic reforms were implemented in the

countries of Eastern Europe, regulation held the price of

bread substantially below equilibrium. When reforms

were implemented, prices were deregulated and the price

of bread rose dramatically. As a result, the quantity of

bread demanded fell and the quantity of bread supplied

rose sharply.

e. The steel industry has been lobbying for high tariffs

on imported steel. Russia, Brazil, and Japan have been

producing and selling steel on world markets at $593 per

metric ton, well below what equilibrium would be in the

United States with no imports. If no imported steel was

permitted into the country, the equilibrium price would

be $1,006 per metric ton. Show supply and demand

curves for the United States, assuming no imports; then

show what the graph would look like i f U.S. buyers could

purchase all the steel that they wanted from world markets

at $593 per metric ton; label the portion of the graph

that represents the quantity of imported steel.