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Magazine Problem 2
Why do economists use the ceteris paribus assumption?
Problem 5
Let's think about the market for air travel. From August 2014 to January 2015, the price of jet fuel increased roughly \(47\%\). Using the four-step analysis, how do you think this fuel price increase affected the equilibrium price and quantity of air travel?
Problem 11
If a price floor benefits producers, why does a price floor reduce social surplus?
Problem 13
What does a downward-sloping demand curve mean about how buyers in a market will react to a higher price?
Problem 17
How can you locate the equilibrium point on a demand and supply graph?
Problem 19
When the price is above the equilibrium, explain how market forces move the market price to equilibrium. Do the same when the price is below the equilibrium.
Problem 21
What is the difference between the supply and the quantity supplied of a product, say milk? Explain in words and show the difference on a graph with the supply curve for milk.
Problem 26
What causes a movement along the demand curve? What causes a movement along the supply curve?
Problem 28
How does a price ceiling set below the equilibrium level affect quantity demanded and quantity supplied?
Problem 34
What is the relationship between total surplus and economic efficiency?
