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:
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:
OIL / barrels
WHEAT / bushels
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