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all of them eat more frequently at the school cafeteria and less often at restaurants, even though prices at the cafeteria have risen, too. {This one requires that you draw both the demand and the supply curves for school cafeteria meals.) Question: Demand twisters: Sketch and explain the demand relationship in each of the following statements. a. I would never buy a Britney Spears CD! You couldn't even give me one for nothing. b. I generally buy a bit more coffee as the price falls. But once the price falls to $2 per pound, I'll buy out the entire stock of the supermarket. c. I spend more on orange juice even as the price rises. (Does this mean that I must be violating the law of demand?) d. Due to a tuition rise, most students at a college find themselves with less disposable income. AlmostQuestion: In Rolling Stone magazine, several fans and rock stars, including Pearl Jam, were bemoaning the high price of concert tickets. One superstar argued, "ltjust isn't worth $?5 to see me play. No one should have to pay that much to go to a concert.\" Assume this star sold out arenas around the country at an average ticket price of $75. a. How would you evaluate the arguments that ticket prices are too high? b. Suppose that due to this star's protests, ticket prices were lowered to $53. In what sense is this price too low? Draw a diagram using supply and demand curves to support your argument. c. Suppose Pearl Jam really wanted to bring down ticket prices. Since the band controls the supply of its services, what do you recommend they do? Explain using a supply and demand diagram. d. Suppose the band's next CD was a total dud. Do you think they would still have to worryr about ticket prices being too high? Why or why not? Draw a supply and demand diagram to support your argument. e. Suppose the group announced their next tour was going to be their last. What effect would this likely have on the demand for and price of tickets? Illustrate with a supply and demand diagram. Question: Aaron Hank is a star hitter for the Bay City baseball team. He is close to breaking the major league record for home runs hit during one season, and it is widely anticipated that in the next game he will break that record. As a result, tickets for the team's next game have been a hot commodity. But today it is announced that1 due to a knee injury, he will not in fact play in the team's next game. Assume that season ticket-holders are able to resell their tickets if they wish. Use supply and demand diagrams to explain the following. a. Show the case in which this announcement results in a lower equilibrium price and a lower equilibrium quantity than before the announcement. b. Show the case in which this announcement results in a lower equilibrium price and a higher equilibrium quantity than before the announcement. c. What accounts for whether case a or case b oocu rs? d. Suppose that a scalper had secretly learned before the announcement that Aaron Hank would not play in the next game. What actions do you think he would take? b. What is the demand schedule for Maine lobsters now that French consumers can also buy them? Draw a supply and demand diagram that illustrates the new equilibrium price and quantity of lobsters. What will happen to the price at which shermen can sell lobster? What will happen to the price paid by US. consumers? What will happen to the quantity consumed by U.S. consumers? Question: Suppose that the supply schedule of Maine lobsters is as follows: Price of lobster Quantity of lobster supplied (per pound) (pounds) $25 800 $20 700 $15 600 $10 500 $5 400 Suppose that Maine lobsters can be sold only in the United States. The U.S. demand schedule for Maine lobsters is as follows: Price of lobster Quantity of lobster demanded (per pound) (pounds) $25 200 $20 400 $15 600 $10 800 $5 1,000 a. Draw the demand curve and the supply curve for Maine lobsters. What are the equilibrium price and quantity of lobsters? Now suppose that Maine lobsters can be sold in France. The French demand schedule for Maine lobsters is as follows: Price of lobster Quantity of lobster demanded (per pound) (pounds) $25 100 $20 300 $15 500 $10 700 $5 900newspapers. b. The market for St. Louis Rams cotton T-shirts Case 1: The Rams win the Super Bowl. Case 2: The price of cotton increases. c. The market for bagels Case 1: People realize how fattening bagels are. Case 2: People have less time to make themselves a cooked breakfast. a. The market for the Krugman and Wells eoonomics textbook Case 1: Your professor makes it required reading for all of his or her students. Case 2: Printing costs for textbooks are lowered by the use of synthetic paper. Question: Show in a diagram the effect on the demand curve, the supply curve, the equilibrium price, and the equilibrium quantity of each of the following events. a. The market for newspapers in your town Case 1: The salaries ofjoumalists go up. Case 2: There is a big news event in your town, which is reported in the 1 QuestiOn: A survey indicated that chocolate is Americans' favorite ice cream avor. For each of the following, indicate the possible effects on demand, supply, or both as well as equilibrium price and quantity of chocolate ice cream. a. A severe drought in the Midwest causes dairy farmers to reduce the number of milkproducing cattle in their herds by a third. These dairy farmers supply cream that is used to manufacture chocolate ice cream. b. A new report by the American Medical Association reveals that chocolate does, in fact, have signicant health benets. c. The discovery of cheaper synthetic vanilla avoring lowers the price of vanilla ice cream. d. New technology for mixing and freezing ice cream lowers manufacturers' costs of producing chocolate ice cream