QUESTION 1: If the demand and supply Curve for computers is: D=80- 6P,S=20+3P Where P is the price of computers, what is the quantity of computers bought and sold at equilibrium? QUESTION 2: The quantity demanded of Good Z depends upon the price on (Pz), monthly income (Y), and the price ofa related Good W (Pw). Demand for Good Z (02) is given by equation 1 below: Q2 = 150 - 8P2 + ZY - lSPw Find the demand equation for Good Z in terms of the price for Z (P2), when Y is 50 and Pw = 6. QUESTION 3: Beef supplies are sharply reduced because of drought in the beef-raising states, and consumers turn to pork as a substitute for beef. How would you illustrate this change in the beef market in supply-and- demand terms? QUESTION 4: In December, the price of Christmas trees rises and the number of trees sold also rises. Is this a violation ofthe law of demand? QUESTION 5: Given the following data for widgets: P = 60 - Q (Demand) P = 15 + 20 (Supply) Given the above demand and supply equations for widgets, find the equilibrium price and quantity. QUESTION 6: Given the following data for widgets: P = 60 - Q (Demand) P = 10 + 2Q (Supply) Now suppliers must pay a tax of 6 per unit. Find the new equilibrium price-inclusive price and quantity. QUESTION 7: Which ofthe following factors will cause the demand curve for labor to shift to the right? (a) the demand for the product by labor declines. (b) the prices of substitute inputs fall. (c) the productivity of labor increases. ((1) the wage rate declines. (e) None of the above