answers eco 201 questions

1. If the demand and supply curve for cell phones are:

D = 800 – 10P, S = 70 + 5P

Where P is the price of phones, what is the quantity of phones bought and sold at equilibrium?

2. Markets tend toward equilibrium and, as a result, will tend to eliminate shortages and surpluses. Why?

3. What is the difference between a shift of the demand curve and movement along the demand curve? Make sure to explain what determinants can cause a shift and movement along the demand curve.

4. Explain the impact of:

a. A rent ceiling set below the equilibrium price.

b. A price floor set above the equilibrium price.

Are the salaries received by professional sports athletes outrageously high? Should the CEO’s of financial institutions receive more monetary compensations than entertainers, since their jobs contribute more to the development of the country? What are some of the factors driving the disparity in wages?

 

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