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Question 1
The graph below shows the supply and demand curves for refrigerators. Show the equilibrium by clicking on the graph to place a dot at the place where the equilibrium point is.

Clear All Draw: Dot

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Question 2
Here are the equations for the demand and supply curves:

Demand curve: Qd=2500-3 P

Supply curve: Qs=1000+2 P

Compute the equilibrium price value:
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Question 3
Compute the equilibrium quantity value:

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Question 4
Suppose Congress cuts personal income tax rates. Which graph most accurately shows how this would affect the market for refrigerators? Note that the new curve is shown in grey.

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Question 5
Why does the demand or supply curve shift the way it does and what element of demand caused the shift? How does that affect the equilibrium price and quantity?

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Question 6
Suppose that refrigerator workers accept a pay cut of 2 dollars per hour. Which graph most accurately shows how this would affect the market for refrigerators? Note that the new curve is shown in grey.

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Question 7
Why does the demand or supply curve shift the way it does and what element of demand caused the shift? How does that affect the equilibrium price and quantity?

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