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HADM 1410 Microeconomics for the Service Industry Spring 2024 Problem Set #2 Alexander 1. A recent earthquake in Chile has affected that country's production of red wine. Explain the effects of this natural disaster on the markets for red wine and beer in New York. Explicitly state its effects on demand, supply, equilibrium price, and equilibrium quantity exchanged and why for each of these markets. Draw the relevant diagrams (one for the red wine market and one for the beer market) labeling everything. 2. The price of goose down, an important input in the production of down filled winter coats, decreases. Explain in detail the effects of this price change on the markets for both down filled coats and synthetic fiber filled winter coats. Explicitly state the effect of this price decrease on demand, supply, equilibrium price, and equilibrium quantity exchanged and why for each of these markets. Draw the relevant diagrams (one for the down filled coats market and one for the synthetic fiber filled winter coats market) labeling everything. 3. To help improve the health of city residents, the Ithaca City Council is considering imposing an effective price ceiling on health clubs that operate within the city limits. Explain the effects of this price control on the demand, supply, equilibrium price, and equilibrium quantity exchanged in the health club market (in Ithaca). Will this policy have its intended consequences? Explain why. 4. In an attempt to reduce the consumption of alcohol by students, the state government is considering imposing a per unit tax on Soju. Explain the effects of this proposal on the demand, supply, equilibrium price, and equilibrium quantity exchanged of Soju. Clearly label the amount of revenue the government will receive from the tax.