Equilibrium price and quantity of lobsters

Reference no: EM13802917

1. Suppose that the supply schedule of Maine lobsters is as follows:

a. Draw the demand curve and the supply curve for Maine lobsters. What is the equilibrium price and quantity of lobsters?

b. What is the demand schedule for Maine lobsters now that French consumers can also buy them? Draw a supply and demand diagram that illustrates the new equilibrium price and quantity of lobsters. What will happen to the price at which fishermen can sell lobster? What will happen to the price paid by U.S. consumers? What will happen to the quantity consumed by U.S. consumers?

2. The small town of Middling experiences a sudden doubling of the birth rate. After three years, the birth rate returns to normal. Use a diagram to illustrate the effect of these events on the following.

a. The market for an hour of babysitting services in Middling today

b. The market for an hour of babysitting services 14 years into the future, after the birth rate has returned to normal, by which time children born today are old enough to work as babysitters

c. The market for an hour of babysitting services 30 years into the future, when children born today are likely to be having children of their own.

Reference no: EM13802917

Questions Cloud

How can you encourage emergent literacy in infants toddlers : How can you encourage emergent literacy in infants/toddlers? Identify the benefits of using symbolic gestures with toddlers.

Identify the themes of human services : Normal 0 false false false EN-US X-NONE X-NONE Identify the themes of human services.

Describe the industry and how you will position your company : Describe your product or service and the benefits it will provide for customers. Describe the industry and how you will position your company.

Summary of the technical experiences that you used : Create the logic for a program that accepts input values for the projected cost of a vacation and the number of months until vacation. A summary of the technical experiences that you used in completing this lab. The commands that were of greatest be..

Equilibrium price and quantity of lobsters : Suppose that the supply schedule of Maine lobsters is as follows: Draw the demand curve and the supply curve for Maine lobsters. What is the equilibrium price and quantity of lobsters?

Develop a one paragraph overview of your product or service : Develop a one paragraph overview of your product or service. Then, identify at least five questions to include in a customer survey.

Consumer behavior paper and questionnaire : Consumer Behavior Paper and Questionnaire

Which of the following will reduce the firm''s financing requ : Which of the following will reduce the firm's financing requirements?

Identify the component parts of the argument : Identify the component parts of the argument, premises and conclusion, for the passages. Where applicable, highlight key words or phrases that identify a claim as a premise or a conclusion.

User Account

All Pages