Please answer the questions and make sure you answer it very clearly.

4:17 AM Mon Sep 21

4:17 AM Mon sep 21 < Back $9 BUSN 202 HOMEWORK 3.docx 39 121 a Graph the demand and supply curve. What is the equilibrium price and quantity in the market? b If the actual price in this market were above the equilibrium price, what would drive the market toward equilibrium? c Ifthe actual price in this market were below the equilibrium price, what would drive the market toward equilibrium? 2. For the past 20 years, technology has changed greatly. The cell phone went from being the size of brick to one you can easily put into your pocket. How do you think this affected the market for cell phones? For computer software? For land-line phones? From an Economist perspective, will the resident phone stop being in existence? 3. Consider the market for new homes. For each of the events listed here, identify which determinants of demand or supply are affected. Also, indicated whether demand or supply increases or decreases. Then draw a graph to show the price and quantity of new homes. a People decide to have more children b Engineers develop siding that prevents a house from burning down c The cost to rent existing homes decreases by $800 d United States goes to war... e China issues additional tariffs on the United States. 4. You are new graduate and just started a job with the State of California as an Economist. Your first project they want you to review is the minimum wage. They want you to make the minimum wage into a living wage for those in healthcare. How would you choose to estimate the demand and supply for nurses? How would you forecast that need for the next 10 years in the healthcare industry? Explain. Dashboard ooo ooo Calendar Notifications Inbox