Microchips used to produce smartphones have become

more powerful and less costly to produce. How would

supply or demand shift and how would equilibrium price

and quantity change?

Consider the market for crude oil. Draw and label the

diagram.

$($a$)$ What happens in the market if Russia cuts off oil

shipments in response to the conflict in Ukraine? Draw

and explain.

$($b$)$ What happens in the market if the United States

mandates that only electric cars be used? Draw and

explain.

$($c$)$ What happens in the market if the United States

mandates that only electric cars be used? Draw and

explain.

$($d$)$ What happens in the market if OPEC increases oil

production by twenty percent? Draw and explain.

$($e$)$ What happens in the market if The United Kingdom

decides to total stop using oil? $($Hint: Consider the size of

the United Kingdom market$)$ Draw and explain.

Explain and use diagrams to show what has been

happening in the United States market for fresh eggs.

Explain and use diagrams to show what happens in the

market for international airline travel if

$($a$)$ There is a worldwide recession.

$($b$)$ The price of airline fuel increases substantially.

$($c$)$ Norwegian Airlines adds more U$.$S$.$ cities to its list of

international flight destinations.

$($d$)$ The war in Ukraine makes international travel more

dangerous.

Many nurses in New York recently received substantial

increases in pay. Draw and explain what happened using

"before" and "after" diagrams.

What is the expected impact of increased security measures

imposed by the federal government on $($a$)$ airline fares and

$($b$)$ volume of travel. Demonstrate your answers

graphically.

Popeye recently received a significant boost in his income.

As a result, he started eating a lot less spinach. What

happened to Popeye's demand curve? Why?

More U$.$S$.$ cities start offering free addictive drug

maintenance facilities. What would that do to the supply

and demand for drugs? Illustrate.

More and more unskilled migrants come into the United

States. $($a$)$ Explain and use diagrams to show what happens

in the labor market for unskilled workers. $($b$)$ Who benefits

from this change and who is hurt by it$?$

You purchase a ticket to the Broadway musical

"Hamilton" through a verified reseller for $$520.$ When your

ticket arrives, you see that the face value printed on the

ticket is $$275.$ Based on this transaction is the face value

above, below or equal to the equilibrium price? How do

you know?

Why does the price of airline tickets rise during the

summer months? Demonstrate your answer graphically.