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QUESTION
Applying the reading and research you have done to answer questions dealing with various aspects of supply, demand, and equilibrium. This is a multi-part assignment, so make sure that you have addressed each question or topic. The best way to approach this assignment is to prepare your responses in outline form following the order of each question/topic. This will help you keep track of your responses.
After reading the materials from the Background page and other sources you found on your own, address the following questions in an essay or short-answer form:
1. In some cases, the government can intervene in the market when the equilibrium price is too high or low. For example, a price ceiling is a legal maximum price that can be charged in a particular market. Do some research on your own. Here are some sites to help you get started:
What Happens to the Equilibrium Price When Quantity of Supply & demand Shifts Upward? Chirantan Basu, 2018. Retrieved from https://tinyurl.com/y8qz8v8o (https://smallbusiness.chron.com/happens-equilibrium-price-quantity-supply-demand-shifts-upward-36644.html)
Price ceilings and price floors: how does quantity demanded react to artificial constraints on process? Khan Academy. https://tinyurl.com/yaxj34ym (https://www.khanacademy.org/economics-finance-domain/ap-microeconomics/ap-supply-demand-equilibrium/ap-deadweight-loss-tutorial/a/price-ceilings-and-price-floors-cnx)
a. Is a price ceiling set above or below the market price?
b. Give an example of a price ceiling and discuss some disadvantages and advantages of this type of government intervention.
2. An art museum raises its admission price, and ends up with a decrease in its total revenue. How could you explain this situation to the museum director?
3. Suppose Billy drinks two cups of coffee a day no matter what the price. What does this mean in terms of supply and demand equilibrium?
4. What are the main determinants of equilibrium of demand and supply? Which is likely to have more of an impact on supply and therefore market equilibrium: the demand for orange juice or the demand for a particular brand of orange juice?
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