Assignment1

Macroeconomics |

Assignment 1: Demand Illustration

|

Market Subject- Blueberries Cultivated/ Produced |

Price Per Pound ($) | Quantity Demanded Per Year (lbs) |

$5.10 | 2 |

$4.60 | 3 |

$4.10 | 4 |

$3.60 | 5 |

$3.10 | 6 |

Personal Demand:

Market Demand:

Price Per Pound ($) | Quantity Demanded Per Year(lbs) |

$5.10 | 170,000,000 |

$4.60 | 180,000,000 |

$4.10 | 190,000,000 |

$3.60 | 200,000,000 |

$3.10 | 210,000,000 |

Increase in Demand:

Price Per Pound ($) | D1 (before income rises) Quantity Demanded Per Year | D2 (after income rises) Quantity Demanded Per Year |

$5.10 | 170,000,000 lbs | 200,000,000 lbs |

$4.60 | 180,000,000 lbs | 210,000,000 lbs |

$4.10 | 190,000,000 lbs | 220,000,000 lbs |

$3.60 | 200,000,000 lbs | 230,000,000 lbs |

$3.10 | 210,000,000 lbs | 240,000,000 lbs |

Price Per Pound ($) | D1 (before price of subs. falls) Quantity Demanded Per Year | D2 (after price of subs. Falls) Quantity Demanded Per Year |

$5.10 | 170,000,000 lbs | 140,000,000 lbs |

$4.60 | 180,000,000 lbs | 150,000,000 lbs |

$4.10 | 190,000,000 lbs | 160,000,000 lbs |

$3.60 | 200,000,000 lbs | 170,000,000 lbs |

$3.10 | 210,000,000 lbs | 180,000,000 lbs |

Decrease in Demand:

One Firm’s Supply:

Price Per Pound ($) | Quantity Supplied Per Year(lbs) |

$5.10 | 170,000 lbs |

$4.60 | 180,000 lbs |

$4.10 | 190,000 lbs |

$3.60 | 200,000 lbs |

$3.10 | 210,000 lbs |

Market Supply:

Price Per Pound ($) | Quantity Demanded Per Year(lbs) |

$5.10 | 210,000,000 |

$4.60 | 200,000,000 |

$4.10 | 190,000,000 |

$3.60 | 180,000,000 |

$3.10 | 170,000,000