1. Normally, whenever a new video game console comes out, there is a shortage all over the United States. Graphically illustrate and fully explain where the shortage comes from, how the various roles of prices can come together to end the shortage, and why the final outcome is not necessarily the fairest outcome.
2. In the winter of 2006-2007, unusually cold weather led to a huge shortage of snowmobiles all over Minnesota. Fully explain how the shortage came about, how the "invisible hand" dealt with this shortage and provide a graph to illustrate your explanation.
3. Draw a graph illustrating what would happen in the market for log cabins if consumer income increased by 19% in Montana.
4. Draw a graph showing what would happen in the market for cat food if it were discovered that many brands of canned cat food, contained poison.