Homework Help: Economics

Posted by Britt on Monday, February 11, 2008 at 8:43pm.

I have to draw some Supply/demand curves and I want to know if they are right

Personal computers: more user-friendly software become available and the costs of inputs are reduced.
Supply moves to the right, demand moves to the left, quantity goes up and so does price

Hospital services: higher wages paid to hospital employees accompanied by 4% increases in output per labor hour.
Supply moves to the right, demand does not move, quantity goes up and price goes down

Lift tickets for skiing: increased interest in skiing; higher costs for energy used by snow making machines (in a year with little snow temps in 20's F).
Supply does not move, demand moves to the right, quantity goes up and price goes up.

one-family housing: rise in interest rates for builders and for prospective owners.
Supply moves to the left, demand moves to the left, quantity goes down and price cannot be determined

eggs: trends towards lighter breakfasts and lower cholesterol diets; higher cost of chicken feed
Supply moves to the left, demand moves to the left, quantity goes down and price cannot be determined

management information system experts: increased global activity by firms
Supply does not move, demand moves to the right, quantity goes up and price goes up

Economics - economyst, Tuesday, February 12, 2008 at 9:02am
a) user-friendly software would INCREASE the demand for computers. You are correct about supply. So, Q goes up, price change uncertain.

b) higher energy costs should DECREASE supply (shift inward), Increased interest in skiing increases demand, So, Price goes up, change in Q uncertain.

c) housing: I agree

d) eggs: I agree

e) management: I agree

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