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Assignment #2

1) Use Supply and Demand. Show initial equilibrium price and quantity and new equilibrium price and quantity.

a) What happens in the market for new homes when the NASDAQ drops 1000 points? b) What happens when the price of oil falls, in the market for oil? c) What happens when the price of oil falls, in the market for new cars? d) What happens when the price of oil falls, in the market for bicycles? e) What happens when the price of oil falls, in the market for fresh fruit

2) Supply and Demand of MacBooks

Price of Laptops

Quantity Demanded

Quantity Supplied

A) Shortage or Surplus

B) Does Price Rise Or Fall

$2500 $2000 $1500 $1000 $500 $250 c) What is equilibrium Price and Quantity?

3) Consider an economy that produces only chocolate bars. In year 1, the quantity produced is 6 bars and the price is $8. In year 2, the quantity produced is 4 bars and the price is $10. In year3, the quantity is 10 bars and the price is $12. Year 1 is base year. Complete the chart. Nominal Real Deflator measured

from year 1 Year 1 Year 2 Year 3

4) Using the chart above: a) what is the percentage growth rate of real GDP from year 2 to 3? b) Is the economy growing throughout the years? What has happened with inflation rate?

5) Define and list 2 examples for all the components of GDP. a) Consumption: b) Investment: c) Government: d) Exports: e) Import