BUSN 5260 Current Economic Analysis week 3 questions, problems and internet questions

BUSN 5260
Current Economic Analysis
Week 3: Personal
Assignment
Some students have difficulty understanding the laws of supply and demand and
the difference between changes in demand (supply), which are caused by changes
in the respective determinates of demand or supply, and changes in quantity
demanded (supplied) which result from changes in the price of the good or the
service.
Before you complete this assignment, I suggest that you
again review Chapter 3 and my lecture material provided this week. There are
some basic principles which must be followed when constructing supply and
demand graphs, for example, price is always on the vertical axis and output
(quantity) on the horizontal axis.
I also strongly suggest that you review the website .investopedia.com/university/economics/economics3.asp”>Economic
Basics: Demand and Supply and the videos .be/ZwUce4r_iK4″>Supply & Demand Graphing Using Excel
for MBA YouTube Channel, from the Internet which can be found through these
If you have questions, remember to post them to the General
Questions area of the Discussion forum.

Problems
Problem 1
For each of the following draw a separate diagram to demonstrate the
answer. (Hint: Remember the difference in a change in demand [supply] and a
change in quantity demanded [supplied]. Don’t shift both curves unless
appropriate). Describe what happens to equilibrium price and sales. Explain why
or why not this makes sense in the real world.
-A-
Show the effect on the U.S. new construction residential housing market in the
event of a severe economic recession.

-B-
Show the effect on the U.S. air travel market if American Airlines unexpectedly
folds (ceases operations) overnight.

-C-
Show the effect on the U.S. domestic car market if the price of foreign cars
increases due to an exchange rate shock.

-D-
Show the effect on the market for large SUVs if the price of gasoline in the
U.S. comes to rest at greater than \$4 per gallon.

-E-
Show the effect of setting the price of Super Bowl tickets at a price lower
than equilibrium price.

Internet Questions
Question 1
Visit: .cnn.com/”>CNN.com
Go to www.cnn.com and do a search using keywords: crude oil
prices. Find an article which discusses recent changes in the price of crude
oil. I want you to 1) in one full page, discuss the reasons stated in the
article explaining why the price of crude oil has changed, and 2) use supply
and demand graphs to illustrate what is being discussed in the article.

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