Professional Documents
Culture Documents
Technical Questions
December.
2. a. Supply increases.
b. Supply decreases.
demand.
3. a. X is a normal good. We know this because there is a positive relationship
relationship between the price of good Y and the demand for good X (thus, as
relationship between the price of good Z and the demand for good X (thus, as
= 575 – 5PX
QD = 625 – 5PX Price intercept = $125; Quantity intercept = 625; Slope = -0.2.
positive relationship between the price of good Z and the supply of good X
= –240 + 20PX
c. Price intercept = $12; Slope = 0.05. See text answers for graph.
Slope = 0.05.
b. Q* = 260; P* = 120.
200. Thus, there is a shortage, and the market price will rise.
intercept = 600.
6. a. Demand increases (the price of a substitute has risen); equilibrium price and
quantity rise. See text answers for graphs.
b. Supply decreases (the price of an input has risen); equilibrium price rises and
quantity falls.
7. a. The increase in the price of gasoline causes the demand for automobiles to
decrease (leftward shift of the demand curve), while the decrease in the price of
steel causes the supply of automobiles to increase (rightward shift of the supply
curve). With no further information, we know that the equilibrium price will
b. The rise in gasoline prices will cause demand to decrease, which will cause
the quantity to fall, all other things held constant. If this effect is larger than the
effect of the reduction in steel prices (which will increase supply and cause the
quantity to rise), then we may now be able to conclude that the equilibrium
decrease, causing the price to rise (rightward shift of demand curve). The
further information, we know that the equilibrium quantity will rise, but the
b. The fall in consumer incomes will cause demand to increase (for an inferior
good), which will cause the price to rise, all other things held constant. If this
effect is smaller than the effect of the improvement in technology (which will
increase supply and cause the price to fall), then we may now be able to
conclude that the equilibrium price of hamburger is likely to fall. See text
Application Questions
1. Although copper prices reached an all-time high in February 2011, there was
concern that the demand from China would not continue, causing a leftward
shift in the demand curve and lowering prices. The worldwide economic
downturn in 2010 and 2011 also caused demand to decrease, putting downward
pressure on copper prices. The supply curve could shift to the left from severe
winter weather in Chile, a major copper producer. However, there were also
cause the supply to increase. Increases in copper prices had caused consumers
to decrease the quantity demanded (movement along the demand curve) and to
the chapter.
2. In February 2013 copper futures prices were at their highest level in nearly four
months. This change was another sign that the U.S. economy was growing
increasing the demand for copper and supporting higher prices. Consumers were
also demanding more phones, laptops, and air conditioners, all of which use
copper as an input. See: Tatyana Shumsky, “Copper Settles 1.4% Higher,” Wall
3.a. The drought conditions in the Black Sea wheat belt caused the supply of
wheat to decrease and the price of wheat to rise. These conditions were
b. The increased demand from China for soybeans caused the demand curve to
increase in the number of producers and a rightward shift of the supply curve.
d. The USDA prediction also shows the increase in supply as a response to high
crop prices.
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Language: Finnish
UUNO KAILAS
OTTO MANNISELLE,
suomentajamestarille
kunnioituksella omistettu.
SISÄLLYS:
Uuno Kailas.
WOLFGANG VON GOETHE (1749-
1832)
PROMETHEUS
HYPERIONIN KOHTALOLAULU
ILLASSA
Jo laske, armas aurinko. Tunteneet he eivät sua, palvoen
pyhyyttäs: Sä oothan siivin vaivattomin raskautettujen yli
noussut.
***
HYVÄ YSTÄVÄ
Oli ystävä mulla kerran, oli parhain päällä maan. Kun rummut
soi sotateillä, sama ain’ oli tahti meillä, hänen astuin
rinnallaan.
KIEVARIN TYTÄR
Jano kulkureill’ oli. Poikettiin
siis Reinin varrella kievariin.
YLÖSNOUSEMUSPÄIVÄNÄ
Minä unta näin: tuli takaisin taas onneni päivin keväisin, tuli
ystävät, hyttystanssi, oi – naris silloin rasia – hitto soi! Unet
eivät kimmellä enää – Suru-vanhus niistää nenää.
PAUL HEYSE (1830-1914)
MAAILMANARVOITUS
YKSINÄINEN
Nyt kivetyt
ja katsot taakses: palata jos vois!
Miks lähtenyt
oot tänne, narri, talven alta pois?
On elo tää
vain portti sadan kylmän erämaan!
Ken menettää,
min menetit, ei lepää lennostaan.
ISÄ
Ah ootko, ootkohan
sä käynyt kaikki ties
niin puhtain saappahin
kuin kulki pikkumies:
Ja onko, onkohan
sun sanas jokainen
niin suora, vilpitön
kuin suussa lapsen sen?
Ja voitko, voitkohan
nyt luoda katsehes
niin suoraan aurinkoon
kuin lapsensilmines?
ERÄÄLLE VAINAJALLE
ENNEN HÄLINÄÄ