The assignment should have a minimum of 1500 words (spread roughly evenly throughout the questions) and have a minimum of 4 scholarly sources. Don’t be excessively wordy in an attempt to hit the 1500-word requirement. No amount of words can make up for an incorrect answer.
1. Explain the difference between a movement along a supply curve and a shift in the supply curve.
2. Suppose you decide to start your own business. Give a brief overview of the purpose and location of your new firm.
3. Refer to the company that you proposed in the previous question.
For each scenario below, use a supply and demand analysis to make a prediction regarding both the equilibrium price and quantity for your good or service. That is, for each part, tell me whether you expect the equilibrium price of your product to rise or fall AND whether you expect equilibrium quantity to rise or fall.
Also, include in your explanation which curve is shifting and which shifter variable is affected.
a) Your customers’ incomes increase. Be sure to note whether the good or service you are providing is a normal good or an inferior good.
b. The minimum wage is raised in your area, and you must pay your employees more. (Assume you have employees for this scenario, even if that was not part of your initial plan.)
c. A firm that offers the same good or service moves into town.
d. Your customers expect the price of your good or service to fall in the future.
e. The price of a good or service that can be substituted for yours falls (the substitute becomes cheaper).
f. The scenarios in both a) and b) occur at the same time.
4. Use the linear demand and supply curves shown below to answer the following questions. You must show all calculations step-by-step or no credit will be given.
a) The market or equilibrium price is $__________.
c) At the market price in part a, the net gain to consumers when 10,000 units are purchased is $__________.
d) At the market price in part a, the net gain to producers when they supply 10,000 units is $__________.
e) The net gain to society when 10,000 units are produced and consumed at the market price is $__________, which is called __________.
f) In market equilibrium, total consumer surplus is $__________, and the total producer surplus is $__________.
g) The net gain to society created by this market is $__________.
Requirements: 1500 total assignment excluding references
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