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[The Rock]

4)For each situation determine the effect of the described event on supply, demand, and the equilibrium price and quantity within the appropriate markets. For each subquestion you will have four answers. Assume everything else is held constant within the market except what is described and that the competitive markets adhere to the Law of Demand and Law of Supply.

A.Individual preferences for Facebook usage has increased. What happens in the market for Facebook?

B.Technology improves for renewable power sources. What happens in the market for renewable energy?

C.Income decreases due to the recession. What happens to the boat market assuming boats are normal goods?

D.Government passes a tax on soda that producers must pay. This increases the costs of producing soda. What happens in the market for Soda?

E.Technology for e-readers improves. Assume books and e-readers are substitutes. What happens in the market for books?

F.The cost of microchips, an input and component in Kindles, decrease. At the same time population increases. What happens in the market for Kindles?

G.The number of photographers increase and number of high-quality printing locations decrease. What happens in the market for high-quality prints?

[D]

4)

A.} Advertisers will have a broader spectrum of "users" to "choose" to advertise to, thus advertising possibilities increase.

B.} What should happen is reduced costs for the consumers but what will happen is a stringent contol of the knowledge/technology to create a "demand" in order to raise profitability for the power in conrol

C.} A normal good fluctuates with culture, I will explain mine. I am not fisherman, I do not need a boat. I know your intent was to generalize. I will say the demand for leisure boats will be reduced on inland communities.

D.} The soda market will find chemicals/procedures to reproduce a similar flavor/product to maintain consumerism at a profitable rate by intoducing th "new" flavor in a "mellow" manner

E.} If books and e-readers are substitutes the question " what is the principal?" Arises, one could only imply first hand knowledge is principal therefore only a culture that depends on "resource knowledge" would be affected, thus the market for books would remain unhindered.

F.} If the profiteers are concerned for the entities they represent they will buy the knowledge and control the media and advertise subtly "new technology is expensive" although the process may be controlled and inexpensive with the aid of cheap labor

G.} High quality prints decrease