Liberty University ECON 213 Problem Set 1 complete Answers | Rated A+$ 10.00

Liberty University ECON 213 Problem Set 1 complete Answers | Rated A+

1.    Based on the information provided below for the market for video games, answer the following questions:

PRICE

Q DEMANDED

Q SUPPLIED

$50

5

9

$45

7

7

$40

9

5

$35

11

3

$30

13

1

a.)   Draw and properly label the demand and supply graphs (this means you must label the axes and any lines you include on the graph).

b.)  What is the equilibrium price and quantity?

PRICE: ______________________          QUANTITY: ______________________

Now, assume that a new government report claims that video game play stimulates the brain.

c.)   What will this do to the demand curve? Of the list of things in the text that cause a change in demand, which best fits here as the cause of the demand shift?

d.)  What will happen to the equilibrium price and quantity?

P: _______________________              Q: _______________________

2.    Based on the information provided below for the state of Montana, answer the following questions:

CHOICE

OIL / barrels

WHEAT / bushels

A

5000

0

B

4500

10000

C

2500

20000

D

0

25000

Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency