In the chapter, there are a variety of main factors provided that will shift demand. Provide at least two additional factors, one that will shift supply and one that will shift demand. You may have to specify a particular product, as these might not apply to all products the way we assume income and prices of related goods do.
2. If the demand for a good increase, at the same time as the supply of the good decreases. What will happen to equilibrium prince and quantity of the good?
3. Russian state television has imposed a temporary ban on all TV commercials. Your firm specializes in exports to Russia. 90 percent of its sales consist of consumer goods shipped to Russia. Your supervisor wants to know the likely impact of the ban on your firm's operations. What do you tell her?
4. Suppose the market for grass seed can be expressed as: Demand: Qd = 200 - 5P Supply: Qs = 40 + 5P If the government collects a $5 specific tax from sellers (here you can change the supply equation to Qs = 40 + 5(P-t) or Qs = 15+ 5P,
a) How much will the quantity demanded change from the amount demanded before the tax?
b) What price will consumers pay after the tax?
c) What price will sellers receive after the tax?
d) What is the consumer surplus before tax
e) What is the consumer surplus after tax
f) What is the tax revenue?
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