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ECON 102 - Fall 2020 in Class Exercise: Equilibrium

An economics class exercise asks students to determine how changes in market factors would affect equilibrium price and quantity for a normal good. Students must analyze how population increases, input prices rises, the price of a complement rises while technology advances, the number of firms and income increases, future price increases, and consumer preference and the price of a substitute in production changes would impact equilibrium.

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Mert Kaan Güzel
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32 views2 pages

ECON 102 - Fall 2020 in Class Exercise: Equilibrium

An economics class exercise asks students to determine how changes in market factors would affect equilibrium price and quantity for a normal good. Students must analyze how population increases, input prices rises, the price of a complement rises while technology advances, the number of firms and income increases, future price increases, and consumer preference and the price of a substitute in production changes would impact equilibrium.

Uploaded by

Mert Kaan Güzel
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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ECON 102 - Fall 2020

In Class Exercise: Equilibrium

1) In each of the following situations, list what will happen to the equilibrium
price and the equilibrium quantity for a particular product, which is a normal
good.

a. The population increases and the price of inputs increase

b. The price of a complement increases and technology advances

c. The number of firms in the market increases and income increases


d. Price is expected to increase in the future

e. Consumer preference increases and the price of a substitute in production


decreases

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