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. Consider the market (Demand & Supply) for economics textbooks (hard copy). Ill
. Consider the market (Demand & Supply) for economics textbooks (hard copy). Illustrate (6 Graphs) and explain the effects of the following events:
A. The enrollment in economics classes is expected to decrease overtime.
B. The market price of paper increases.
C. The market price of economics textbook increases.
D. There is an increase in the number of publishers of economics textbooks.
E. Publishers expect that the market price of economics textbook will decrease next week.
F. More students are expected to use digital textbook or e-book.
2. Plot the below demand and supply schedule.
A. What is the market equilibrium?
B. Describe the situation at a price of $9. Describe the situation at a price of $3. What will occur? (Show both situations on your graph). If shortage or surplus, how will the price adjust?
C. Suppose the government imposed a minimum price of $10. What would occur? Illustrate (show on your graph). Is the situation that results temporary or permanent? Explain
D. Indicate what the price would have to be to represent an effective price ceiling (show on your graph). Is the shortage that results temporary or permanent? Explain
Price
Quantity Demanded
Quantity Supplied
$1
500
100
$2
400
170
$3
350
150
$4
320
200
$5
300
300
$6
275
410
$7
260
500
$8
230
650
$9
200
800
$10
150
975
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