Extreme help needed on econ/engineering scenario (really hard)?
Suppose we are analyzing the market for new hard cover textbooks. What will be the impact on the equilibrium price and quantity of each of the following events affecting this market?
Then the question says: Use graphs to support your answers. So would those be the supply demand graphs? Any idea on how to draw them for each of the following cases?!
a. tuition costs across the country rise.
b. price of the Kindle falls sharply.
c. professors ban the use of 2nd hand copies or previous editions.
d. college professors unionize.<
If people are paying more for tuition are they going to spend the same amount, more or less on text books? Apply that to all of the above.
For D consider the consequences of a union. Would they in general drive up or reduce costs? Then go from there.
As for how to shift the graph, try google or read your text on that one. If I give you the answer you haven't really learned it and you'll be regreting it come finals. Supply and demand graphs are really pretty basic and important concepts to get down early in an econ class.
Lec 16 | MIT 16.885J Aircraft Systems Engineering, Fall 2005
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