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Q1.A: Consider the demand curve depicted on the diagram here. Price of X (i) If the price is $3 per unit, what is the quantity demanded? Answer: (ii) Suppose the price drops to $2, what would be the quantity demand? $3 Answer: $2 (iii) Given what has transpired in (ii), which of the following two statements are correct? Demand (A) There is a movement along the demand curve. 10 14 (B) There is an increase in the quantity demanded. Quantity of X (C) There is a change in demand. (D) There is an increase in demand. Answer: Q.1.B: Consider the demand curve depicted here. Price of X (i) Under D1, what is the demand quantity when P = $3? Answer: (ii) Suppose the demand has shifted to D2. What would be the quantity demanded if the price stays at P = $3? $3 Answer: Given the above change, which of the following two statements are correct? (A) There is a change in the quantity demanded 10 (B) There is an increase in the quantity demanded 14 Quantity of X (C) There is a change in demand. (D) There is an increase in demand Answer:Q3A.2.A: Consider the supply curve depicted here. Price of X (i) If the price is $3 per unit, what is the quantity supplied? Supply Answer: (ii) Suppose the price has dropped to $2, what would be the quantity supplied? Answer: $2 (iii) Given what has transpired in (ii), which of the following two statements are correct? (A) There is a change in supply. 10 Quantity of X (B) There is a decrease in supply. (C) There is a movement along the supply curve. (D) There is a decrease in the quantity supplied. Answer: Q3A.2.B: Consider the supply curve depicted here. (i) Under S1, what is the quantity supplied when P Price of X = $3? Answer: (ii) Suppose the supply has shifted to S2. What would be the quantity supplied if the price stays at P = $3? $3 Answer: (ii) Given the above change, which of the following two statements are correct? (A) There is a change in supply. 7 10 Quantity of X (B) There is a decrease in supply. (C) There is a change in the quantity supplied (D) There is a decrease in the quantity supplied. Answer:Q3: Adjustments toward Equilibrium: Consider the market depicted by the supply and demand diagram below. Price $2 0 [i] Suppose the current market price is $2 per unit. Which of the following statements is true? {A} There is a shortage, and the demand curve will shift left to Point Ato restore equilibrium. (B) There is a surplus, and the supply curve will shift light to Point B to restore equilibrium. (C) There is a shortage, and consumers will decrease the quantity demanded and producers will increase the quantity supplied to restore equilibrium at a higher price. {D} There is a shortage, and consumers will increase the quantity demanded and producers will decrease the quantity supply to restore equilibrium at a higher price. Answer: {ii} Draw arrow signs on the supply and demand curves to illustrate the equilibrium adjustment in {i}. {iii} Identify on the diagram the equilibrium point as :1. Also, denote the equilibrium price and quantity as P' and Q', respectively, on the price and quantity axes. Q4: The supply, demand and equilibrium price and quantity for the good in question are depicted on the diagram below. Suppose that there is a drop in consumer income, shifting the demand curve in a certain direction. Scenario #1: The good is a normal good. Price Draw on the diagram the new demand curve and label it as D2. Denote the new equilibrium price and quantity, respectively, as P2 (on the price axis) and Q2 (on the quantity axis). P1 Draw an up-arrow () or a down-arrow (+) between P1 and P2 to indicate the direction of price change. Draw a right-arrow (>) or left-arrow () or left-arrow (