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?

$2.$ 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.

$3.$ Explain and use diagrams to show what has been happening in the United States market for fresh eggs.

$4.$ 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.

$5.$ Many nurses in New York recently received substantial increases in pay. Draw and explain what happened using $$before$$ and $$after$$ diagrams.

$6.$ 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.

$7.$ 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?

$8.$ More U$.$S$.$ cities start offering free addictive drug maintenance facilities. What would that do to the supply and demand for drugs? Illustrate.

$9.$ 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$?$

$10.$ 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?

$11.$ Why does the price of airline tickets rise during the summer months? Demonstrate your answer graphically.