- Draw a demand curve for economics classes at HCCC, showing price and quantity trade-offs. Now draw another demand curve to the right of the original (i.e., showing an increase in demand). Give three reasons that demand for economics classes might shift to the right like this.
- The following table contains information about the wheat market:
wheat market
Price per Bushel Quantity Demanded (bushels) Quantity Supplied (bushels)
(dollars)
$2 40,000 0
4 32,000 5,000
6 27,000 10,000
8 24,000 17,000
10 22,000 22,000
12 17,000 26,000
14 13,000 35,000
16 7,000 40,000
Draw and label a graph representing this market (demand curve, supply curve, etc.) What is the market price of wheat in this market, and what is the total revenue to farmers at that price? If the farmers then band together and set a price floor of $14 per bushel, what will their total revenue be? Label these two revenue areas on your graph.
- Demand is highest for watermelon in the summer, yet that is also when prices are lowest. Draw a graph showing the demand and supply for watermelon in summer and winter (i.e., two demand curves and two supply curves on one graph) that illustrates how this situation could be possible.