ECO Case2 ECO220 Principles of Economics Case Assignment After reading the materials from the Background page and other sources you found on your own, address the following questions in an essay or s

ECO Case2 

ECO220 Principles of Economics

Case Assignment

After reading the materials from the Background page and other sources you found on your own, address the following questions in an essay or short-answer form:

1. In some cases, the government can intervene in the market when the equilibrium price is too high or low. For example, a price ceiling is a legal maximum price that can be charged in a particular market. Do some research on your own. Here are some sites to help you get started:What Happens to the Equilibrium Price When Quantity of Supply & demand Shifts Upward? Chirantan Basu, 2018. Retrieved from https://tinyurl.com/y8qz8v8o (https://smallbusiness.chron.com/happens-equilibrium-price-quantity-supply-demand-shifts-upward-36644.html)Price ceilings and price floors: how does quantity demanded react to artificial constraints on process? Khan Academy. https://tinyurl.com/yaxj34ym  (https://www.khanacademy.org/economics-finance-domain/ap-microeconomics/ap-supply-demand-equilibrium/ap-deadweight-loss-tutorial/a/price-ceilings-and-price-floors-cnx)
2. An art museum raises its admission price, and ends up with a decrease in its total revenue. How could you explain this situation to the museum director?
3. Suppose Billy drinks two cups of coffee a day no matter what the price. What does this mean in terms of supply and demand equilibrium?
4. What are the main determinants of equilibrium of demand and supply? Which is likely to have more of an impact on supply and therefore market equilibrium: the demand for orange juice or the demand for a particular brand of orange juice?

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