Economics - Macroeconomics CH4, #6 Term Paper

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is the price. The supply schedule can be represented by the equation Qs = 1400-700P, where Qs is the quantity supplied. Calculate the equilibrium price and quantity in the market for chocolate bars.

Ch5, #20 - For each of the following pairs of goods, which good would you expect to have more elastic demand and why?

a. required textbooks of mystery novels

Because the textbooks are required, there will be more elasticity for mystery novels. That is because elasticity is a measure of responsiveness and indicates how much one thing changes if something else that affects it is changed. In other words, the required text book is needed whether the price changes or if the number of students changes.

b. Beethoven recordings or classical music recordings in general

In this case, the elasticity of demand would show that the classical recordings in general would fluctuate as new artists or prices or some other aspect changes. For example, if the price of classical recordings changed, demand may go up. And since the elasticity of demand measures the responsiveness of quantity demanded, Beethoven may have a more loyal listener ship that will purchase his works regardless of industry changes.

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c. heating oil during the next six months or heating oil during the next five years

Heating oil is a very cyclical product and six-month changes are important to the overall pricing and elasticity structure. Seasonal changes continue to affect futures prices of heating oil usually in six to eight-month cycles. But, the five-year forecast of heating oil demand and pricing structure is more affected by the overall price of oil and that will continue to change drastically as world supplies and demand are tested. Thus, I would think that in the long run the five-year demand would have more elastic demand.

d. root beer or water

Water just hit $1.80 a bottle and that price seems to be going up. But, humans will continue to require water for basic survival whereas root beer is an optional product that we can live with….....

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