FINAL EXAM GRAPHING QUESTIONS complete solution correct answer key

FINAL EXAM GRAPHING QUESTIONS complete solution correct answer key

THE FOLLOWING QUESTIONS WILL TEST YOUR GRAPHICAL APTITUDE (6 points each).  Put your answers in a Microsoft Word file and attach when submitting this assignment.

1) Suppose Katie, Mark, and Bobby are the only consumers in the market for ice cream. Using the demand schedules in the table below, draw the market demand curve for ice cream.

2) Soft drinks and milk are substitutes for consumers. Draw a graph showing the effect of a decrease in the price of milk on the demand for soft drinks.

3) The table below shows supply schedules for the two nail salons in town, Nancy's Nails and Fancy Nails. Draw the market supply of manicures?

4) Last year a very severe ice storm hit the north counties of New York state, and the states of Vermont and Maine. Electric poles were down and no one had power for days. It was reported that the price of kerosene heaters skyrocketed and the number purchased increased during this time. Using a supply and demand diagram, show the impact of the ice storm on the market for kerosene heaters.

5) Consumers can use either natural gas or heating oil to warm their houses. Suppose the price of natural gas increases. Use a demand and supply diagram to show the impact of the higher price of natural gas on the market for home heating oil.