Economics Questions

1.a) Does the following graph, show an increase in supply or an increase in quantity supplied? What factor(s) might cause this change? Please see attachment above title "DQ1 A.gif"

b) Does the following graph, show an increase in supply or an increase in quantity supplied? What factor(s) might cause this change? Please see attachment above title "DQ1 B.gif"

c) Provide a real-world example of the scenario depicted in question "b." Be sure you identify a specific cause for the change. Please note: Your example does not need to include specific prices and quantities, such as those shown in the above graph.

2. a) Does the following graph, show a decrease in demand or a decrease in quantity demanded? What factor(s) might cause this change? Please see attachment above title "DQ2 A.gif"

Does the following graph, show a decrease in demand or a decrease in quantity demanded? What factor(s) might cause this change? Please see attachment above title "DQ2 B. gif"

c) Provide a real-world example of the scenario depicted in question "b." Be sure you identify a specific cause for the change. Please note: Your example does not need to include specific prices and quantities, such as those shown in the above graph.

3. Explain the economizing problem and the models used in economics.

4. Analyze the role of U.S. in a global economy.

5. What are your preconceptions of economics? Do you think economics will be a relatively difficult course? Why or why not?

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...ange. Please note: Your example does not need to include specific prices and quantities, such as those shown in the above graph.

A real-world example of this scenario is as follows. If Microsoft keeps selling the latest computers, they are going to need a huge quantity in order to keep up with the demand of consumers. As the supply increases so does the quantity. This brings about a plethora of revenue for the company in order to keep up with what the consumers are wanting. As long as Microsoft brings about the newest technology, people will keep coming back for more, so that they can have internet access and the opportunity to do business digitally around the globe; therefore, what it is they do is crucial to the success or failure of their business.

2. a) Does the following graph, show a decrease in demand or a decrease in quantity demanded? What factor(s) might cause this change? Please see attachment above title "DQ2 A.gif"

This graph shows a decrease in demand. As the price increased, the quantity decreased. This probably occurred because of the fact that people did not want to buy the product the more expensive it became. One has to become careful in these endeavors because the economy can act as a means of deterring people from buying the product or service. The other area worth considering is that the market price of the product was too high and people could not afford it. This indicates that they needed to adjust the price in order to keep up with demand, so that they do not lose profits during this process. In the end, they are able to get an increase and not a decrease because of the factors involved.

Does the following graph, show a decrease in demand or a decrease in quantity demanded? What factor(s) might cause this change? Please see attachment above title "DQ2 B. gif"

The graph also shows a decrease in quantity demanded too. This because as the price ...