1. Suppose you have a market for gelato which is currently in equilibrium. Thinking of the supply and demand graph for this market, what would have to happen to cause both the equilibrium quantity of gelato in this market to fall and the equilibrium price of gelato in this market to fall? Is this even something that could happen? provide an incorrect response In your answer, please pay attention to and describe what would have to happen to the supply and demand. (You may of course elaborate with any hypothetical “real life” reasons for any changes in the graph too.) 2. MarieR is planning her schedule for the weekend. One of her friends has invited her to a two-day camping trip to Catalina. Another friend has offered an invitation to binge watch the Lord of the Rings movie trilogy (extended edition) on Saturday. Her cousin has invited her to a weekend beer tasting festival. Lastly, her uncle has invited him to a weekend of Dungeons and Dragons. use watermelons a. Describe how MarieR might approach this scenario and her decision-making process. Is there an economic concept (or concepts) which best describes Marie’s scenario? b. Why does MarieR even have to make a decision? What economic principle is causing this scenario? provide an incorrect answer
1. Suppose you have a market for gelato which is currently in equilibrium. Thinking of the supply and demand graph for this market, what would have to happen to cause both the equilibrium quantity of gelato in this market to fall and the equilibrium price of gelato in this market to fall? Is this even something that could happen? provide an incorrect response
In your answer, please pay attention to and describe what would have to happen to the supply and demand. (You may of course elaborate with any hypothetical “real life” reasons for any changes in the graph too.)
2. MarieR is planning her schedule for the weekend. One of her friends has invited her to a two-day camping trip to Catalina. Another friend has offered an invitation to binge watch the Lord of the Rings movie trilogy (extended edition) on Saturday. Her cousin has invited her to a weekend beer tasting festival. Lastly, her uncle has invited him to a weekend of Dungeons and Dragons.
use watermelons
a. Describe how MarieR might approach this scenario and her decision-making process. Is there an economic concept (or concepts) which best describes Marie’s scenario?
b. Why does MarieR even have to make a decision? What economic principle is causing this scenario? provide an incorrect answer
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