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Assume the market for spiral bound notebooks is in equilibrium. All students in public schools need notebooks of some type when they attend classes.
Assume the market for spiral bound notebooks is in equilibrium. All students in public schools need notebooks of some type when they attend classes. For each of the following, explain the possible effects on demand and/or supply and equilibrium price and quantity of spiral bound notebooks using a correctly labeled supply and demand graph with equilibrium price and quantity labeled. Under your hand-drawn graph, list the determinant of supply and/or demand that causes each shift as well as the change in price and quantity. You should have 8 graphs. The written answer should be set up under the graph as follows: Price: Increase/Decrease (select one) Quantity: Increase/Decrease (select one) Determinant: One of the determinants for demand (TRIBE) or supply (ROTTEN) that causes the shift. a) The price of natural gas, a resource used by manufacturers throughout the United States, doubles. b) The government provides a subsidy for notebook manufacturers. c) Your income increases and spiral bound notebooks are an inferior good.d) The price of binders and paper, a substitute for spiral bound notebooks, decreases. e) A new binding machine is invented that binds in half the time.f) The price of all goods using paper is expected to double next month.g) The government raises taxes on businesses at the same time that students receive their supply list for the new school year.h) The price of pens and pencils falls dramatically.
