// LabMarketEquShiftData.swift. 12/6/2020. import Foundation`RED`BLDObjective:`BLD class LabMarketEquShiftSpecs { let strLabDemSupIntroSpecs :String = """ `` Lab Specs // Price elasticity specs -2.00 -.25 .25 -1.0 // 0: Price elasticity of demand .25 2.00 .25 0.5 // 1: Price elasticity of supply // Shift specs -40.00 40.00 10.00 0.00 // 2: Substitute price changes -20.00 20.00 5.00 0.00 // 3: Input price changes 10 20 // 4: Demand and supply shift factors 0.00 50.00 1.00 20.00 // 5: Price scroll bar 0 0 1600 45 // 6: Graph axes `` Prob Specs ` ********** Problem 0 Start // Title Screen 1 - Introduction to the Demand Curve // 0: Title // Input slider visibility: Elasticity and Shift N N // 1: Both, Scrollbar only, Label only, None N N // 2: Both, Scrollbar only, Label only, None // Results visibility F T F // 3: Initial, new, change columns T T F F F // 4: Price, quantity demanded, quantity supplied, // quantity supplied, excess demand, expenditure rows // Search label visibility F // 5: T or F // Demand and supply curve visibility T F // 6: Demand curve, supply curve // Respecify initial values T T T // 7: Respecify: Price, elasticity, and shift values 1000.0 20.0 // 8: Quantity and Price -2.0 0.5 // 9: Elasticities 0.0 0.0 // 10: Shifts // Report percent versus unit changes T // 11: True-Percent F-Unit ` Text Start // 12: Text `RED`BLDObjective:`BLD Understand the information a demand curve provides.`BLK `BLDDefinition:`BLD A good's demand curve illustrates how the quantity of the good households demand depends on the good's price given that all other factors relevant to the demand for the good remain unchanged. The vertical scrollbar immediately to the left of the graph allows you to change the price. Adjust the scrollbar to answer the following questions. Assume that all factors relevant to the demand for the good remain unchanged other than the price of the good itself. `BLDQuestions:`BLD How many units of the good would households demand if the price were `0x2022 $15? `0x2022 $20? `0x2022 $25? `BLDQuestion:`BLD As a good becomes more expensive do households demand more or less of the good? Does this make sense? Explain. `BLDQuestion:`BLD How is a change in the price of the good represented on the graph of the good's demand curve when all other factors relevant to demand remain the same: a movement along the demand curve or a shift of the entire demand curve? `BLDQuestion:`BLD Does the good's demand curve by itself determine the price of the good? ` Prob End ` ********** Problem 1 Start // Title Screen 2 - Introduction to the Supply Curve // 0: Title // Input slider visibility: Elasticity and Shift N N // 1: Both, Scrollbar only, Label only, None N N // 2: Both, Scrollbar only, Label only, None // Results visibility F T F // 3: Initial, new, change columns T F T F F // 4: Price, quantity demanded, quantity supplied, // quantity supplied, excess demand, expenditure rows // Search label visibility F // 5: T or F // Demand and supply curve visibility F T // 6: Demand curve, supply curve // Respecify initial values T T T // 7: Respecify: Price, elasticity, and shift values 1000.0 20.0 // 8: Quantity and Price -2.0 0.5 // 9: Elasticities 0.0 0.0 // 10: Shifts // Report percent versus unit changes T // 11: True-Percent F-Unit ` Text Start // 12: Text `RED`BLDObjective:`BLD Understand the information a supply curve provides.`BLK `BLDDefinition:`BLD A good's supply curve illustrates how the quantity of the good firms supply depends on the good's price given that all other factors relevant to the supply of the good remain unchanged. As before, the vertical scrollbar immediately to the left of the graph allows you to change the price. Adjust the scrollbar to answer the following questions. Assume that all factors relevant to the supply of the good remain unchanged other than the price of the good itself. `BLDQuestions:`BLD How many units of the good would firms supply if the price were `0x2022 $15? `0x2022 $20? `0x2022 $25? `BLDQuestion:`BLD As the price of the good increases do firms supply more or less of the good? Does this make sense? Explain. `BLDQuestion:`BLD How is a change in the price of the good represented on the graph of the good's supply curve when all other factors relevant to supply remain the same: a movement along the supply curve or a shift of the entire supply curve? `BLDQuestion:`BLD Does the good's supply curve by itself determine the price of the good? ` Prob End ` ********** Problem 2 Start // Title Screen 3 - Equilibrium: Quantity Demanded Equals Quantity Supplied // 0: Title // Input slider visibility: Elasticity and Shift N N // 1: Both, Scrollbar only, Label only, None N N // 2: Both, Scrollbar only, Label only, None // Results visibility F T F // 3: Initial, new, change columns T T T T F // 4: Price, quantity demanded, quantity supplied, // quantity supplied, excess demand, expenditure rows // Search label visibility T // 5: T or F // Demand and supply curve visibility T T // 6: Demand curve, supply curve // Respecify initial values T T T // 7: Respecify: Price, elasticity, and shift values 1000.0 20.0 // 8: Quantity and Price -2.0 0.5 // 9: Elasticities 0.0 0.0 // 10: Shifts // Report percent versus unit changes F // 11: True-Percent F-Unit ` Text Start // 12: Text `RED`BLDObjective:`BLD Illustrate that the demand and supply curves together determine the price of a good (assuming that market forces are allowed to operate).`BLK `BLDDefinition:`BLD The equilibrium price of a good is the price at which the quantity of the good demanded equals the quantity of the good supplied. The graph illustrates that the equilibrium price of the good equals $20. `BLDQuestion:`BLD Would it be sustainable for the price of the good to be less than the equilibrium price, $20? To answer this question use the vertical scrollbar to reduce the price to $15. `IND`BLDQuestions:`BLD What does the `0x2022 quantity demanded equal? `0x2022 quantity supplied equal? `BLDQuestion:`BLD Does a shortage or surplus exists? If so, how will market forces affect the price? `IND `BLDQuestion:`BLD Would it be sustainable for the price of the good to be greater than the equilibrium price, $20? To answer this question use the vertical scrollbar to increase the price to $25. `IND`BLDQuestions:`BLD What does the `0x2022 quantity demanded equal? `0x2022 quantity supplied equal? `BLDQuestion:`BLD Does a shortage or surplus exists? If so, how will market forces affect the price? `IND `BLDGeneralization:`BLD Will market forces cause the price to rise or fall if the price were `0x2022 less than the equilibrium price? `0x2022 greater than the equilibrium price? `BLDGeneralization`BLD When market forces are allowed to operate, what will the price eventually equal? ` Prob End """ let strLabDemSupShiftsSpecs :String = """ `` Lab Specs // Price elasticity specs -2.00 -.25 .25 -1.0 // 0: Price elasticity of demand .25 2.00 .25 0.5 // 1: Price elasticity of supply // Shift specs -40.00 40.00 10.00 0.00 // 2: Substitute price changes -20.00 20.00 5.00 0.00 // 3: Input price changes 10 20 // 4: Demand and supply shift factors 0.00 50.00 1.00 20.00 // 5: Price scroll bar 0 0 1600 45 // 6: Graph axes `` Prob Specs ` ********** Problem 0 Start // Title Screen 1 - Demand Curve Shifts // 0: Title // Input slider visibility: Elasticity and Shift N N // 1: Both, Scrollbar only, Label only, None B N // 2: Both, Scrollbar only, Label only, None // Results visibility T T T // 3: Initial, new, change columns T T F F F // 4: Price, quantity demanded, quantity supplied, // quantity supplied, excess demand, expenditure rows // Search label visibility F // 5: T or F // Demand and supply curve visibility T F // 6: Demand curve, supply curve // Respecify initial values T T T // 7: Respecify: Price, elasticity, and shift values 1000.0 20.0 // 8: Quantity and Price -2.0 0.5 // 9: Elasticities 0.0 0.0 // 10: Shifts // Report percent versus unit changes F // 11: True-Percent F-Unit ` Text Start // 12: Text `RED`BLDObjective:`BLD Illustrate how a change in something other than the price of the good itself that is relevant to demand shifts the good's entire demand curve.`BLK `BLDReview:`BLD A change in the price of a good itself `IND`0x2022 causes a movement along the good's demand and supply curves. `0x2022 NEVER causes either curve to shift.. `IND `BLDQuestion:`BLD What would cause the demand curve to shift? `BLDAnswer:`BLD A change in something other than the price of the good itself that is relevant to demand. Notice that a new scrollbar has appeared in the upper left hand section of the screen; the scrollbar allows you to change the price of a substitute. The price of a substitute is something other than the price of the good itself that is relevant to demand. Decrease the price of the substitute by $40.00. `IND`BLDQuestion:`BLD Does the entire demand curve shift to the right or the left? Explain why the direction of the shift makes sense. `BLDQuestion:`BLD Does the demand curve shift increase or decrease the quantity demanded if the price were `0x2022 $15? `0x2022 $20? `0x2022 $25? ` Prob End ` ********** Problem 1 Start // Title Screen 2 - Supply Curve Shifts // 0: Title // Input slider visibility: Elasticity and Shift N N // 1: Both, Scrollbar only, Label only, None N B // 2: Both, Scrollbar only, Label only, None // Results visibility T T T // 3: Initial, new, change columns T F T F F // 4: Price, quantity demanded, quantity supplied, // quantity supplied, excess demand, expenditure rows // Search label visibility F // 5: T or F // Demand and supply curve visibility F T // 6: Demand curve, supply curve // Respecify initial values T T T // 7: Respecify: Price, elasticity, and shift values 1000.0 20.0 // 8: Quantity and Price -2.0 0.5 // 9: Elasticities 0.0 0.0 // 10: Shifts // Report percent versus unit changes F // 11: True-Percent F-Unit ` Text Start // 12: Text `RED`BLDObjective:`BLD Illustrate how a change in something other than the price of the good itself that is relevant to supply shifts the good's entire supply curve.`BLK `BLDReview:`BLD A change in the price of a good itself `IND`0x2022 causes a movement along the good's demand and supply curves. `0x2022 NEVER causes either curve to shift.. `IND `BLDQuestion:`BLD What would cause the supply curve to shift? `BLDAnswer:`BLD A change in something other than the price of the good itself that is relevant to supply. Notice that a new scrollbar has appeared in the upper left hand section of the screen; the scrollbar allows you to change the price of an input. The price of an input is something other than the price of the good itself that is relevant to supply. Increase the price of the input by $20.00. `IND`BLDQuestion:`BLD Does the entire supply curve shift to the right or the left? Explain why the direction of the shift makes sense. `BLDQuestion:`BLD Does the supply curve shift increase or decrease the quantity supplied if the price were `0x2022 $15? `0x2022 $20? `0x2022 $25? ` Prob End ` ********** Problem 2 Start // Title Screen 3 - Effect of Demand Curve Shifts on the Market Equilibrium // 0: Title // Input slider visibility: Elasticity and Shift N N // 1: Both, Scrollbar only, Label only, None B N // 2: Both, Scrollbar only, Label only, None // Results visibility F T F // 3: Initial, new, change columns T T T T F // 4: Price, quantity demanded, quantity supplied, // quantity supplied, excess demand, expenditure rows // Search label visibility T // 5: T or F // Demand and supply curve visibility T T // 6: Demand curve, supply curve // Respecify initial values T T T // 7: Respecify: Price, elasticity, and shift values 1000.0 20.0 // 8: Quantity and Price -2.0 0.5 // 9: Elasticities 0.0 0.0 // 10: Shifts // Report percent versus unit changes F // 11: True-Percent F-Unit ` Text Start // 12: Text `RED`BLDObjective:`BLD Illustrate how a shift of a good's demand curve affects its equilibrium price and quantity.`BLK Decrease the price of the substitute by $40.00. `IND`BLDQuestion:`BLD Is there a shortage, a surplus, or is the market still in equilibrium? `BLDQuestion:`BLD How would the price respond to market forces? Use the price scrollbar to find the new equilibrium price and quantity. ` Prob End ` ********** Problem 3 Start // Title Screen 4 - Effect of Supply Curve Shifts on the Market Equilibrium // 0: Title // Input slider visibility: Elasticity and Shift N N // 1: Both, Scrollbar only, Label only, None N B // 2: Both, Scrollbar only, Label only, None // Results visibility F T F // 3: Initial, new, change columns T T T T F // 4: Price, quantity demanded, quantity supplied, // quantity supplied, excess demand, expenditure rows // Search label visibility T // 5: T or F // Demand and supply curve visibility T T // 6: Demand curve, supply curve // Respecify initial values T T T // 7: Respecify: Price, elasticity, and shift values 1000.0 20.0 // 8: Quantity and Price -2.0 0.5 // 9: Elasticities 0.0 0.0 // 10: Shifts // Report percent versus unit changes F // 11: True-Percent F-Unit ` Text Start // 12: Text `RED`BLDObjective:`BLD Illustrate how a shift of a good's supply curve affects its equilibrium price and quantity.`BLK Increase the price of the input by $20.00. `IND`BLDQuestion:`BLD Is there a shortage, a surplus, or is the market still in equilibrium? `BLDQuestion:`BLD How would the price respond to market forces? Use the price scrollbar to find the new equilibrium price and quantity. ` Prob End """ let strLabDemSupElastSpecs :String = """ `` Lab Specs // Price elasticity specs -2.00 -.25 .25 -1.0 // 0: Price elasticity of demand .25 2.00 .25 0.5 // 1: Price elasticity of supply // Shift specs -40.00 40.00 10.00 0.00 // 2: Substitute price changes -20.00 20.00 5.00 0.00 // 3: Input price changes 10 20 // 4: Demand and supply shift factors 0.00 50.00 1.00 20.00 // 5: Price scroll bar 0 0 3000 45 // 6: Graph axes `` Prob Specs ` ********** Problem 0 Start // Title Screen 1 - Calculating the Price Elasticity of Demand // 0: Title // Input slider visibility: Elasticity and Shift N N // 1: Both, Scrollbar only, Label only, None N N // 2: Both, Scrollbar only, Label only, None // Results visibility T T T // 3: Initial, new, change columns T T F F F // 4: Price, quantity demanded, quantity supplied, // quantity supplied, excess demand, expenditure rows // Search label visibility F // 5: T or F // Demand and supply curve visibility T F // 6: Demand curve, supply curve // Respecify initial values T T T // 7: Respecify: Price, elasticity, and shift values 1000.0 20.0 // 8: Quantity and Price -2.0 0.5 // 9: Elasticities 0.0 0.0 // 10: Shifts // Report percent versus unit changes T // 11: True-Percent F-Unit ` Text Start // 12: Text `RED`BLDObjective:`BLD Calculate the price elasticity of demand.`BLK `BLDDefinition:`BLD The `BLDprice elasticity of demand`BLD equals the `BLDpercent`BLD change in the quantity demanded resulting from a 1.0 `BLDpercent`BLD change in the price; equivalently, the price elasticity of demand equals the ratio of the `BLDpercent`BLD change in the quantity demanded resulting to the `BLDpercent`BLD change in the price. NB: As we will show, the price elasticity of demand changes as we move along a linear demand curve. That is, while a linear demand curve has constant slope, it does not exhibit constant elasticity. We must specify the point on the demand curve when referring to elasticity. Initially, we consider a point in the upper half of the demand curve: the point at which the price equals $20. To calculate the price elasticity at this point, increase the price by 10 percent: `IND`BLDQuestion:`BLD In percentage terms, what does the change in the quantity demanded equal when the price increases by 10 percent? `INDUsing this information calculate the price elasticity of demand when the price price equals $20. ` Prob End ` ********** Problem 1 Start // Title Screen 2 - Elastic Demand and Total Expenditures // 0: Title // Input slider visibility: Elasticity and Shift L N // 1: Both, Scrollbar only, Label only, None N N // 2: Both, Scrollbar only, Label only, None // Results visibility T T T // 3: Initial, new, change columns T T F F T // 4: Price, quantity demanded, quantity supplied, // quantity supplied, excess demand, expenditure rows // Search label visibility F // 5: T or F // Demand and supply curve visibility T F // 6: Demand curve, supply curve // Respecify initial values T T T // 7: Respecify: Price, elasticity, and shift values 1000.0 20.0 // 8: Quantity and Price -2.0 0.5 // 9: Elasticities 0.0 0.0 // 10: Shifts // Report percent versus unit changes T // 11: True-Percent F-Unit ` Text Start // 12: Text `RED`BLDObjective:`BLD Show that an increase in the price decreases total expenditures when demand is elastic.`BLK Again, consider the point at which the price equals $20. Increase the price by 10 percent. Since demand is elastic will the quantity increase by more or less than 10 percent? Recall that total expenditures equals the product of price and quantity: Total Expenditures = Price x Quantity `BLDQuestion:`BLD When the price increases, what happens to total expenditures when demand is elastic? ` Prob End ` ********** Problem 2 Start // Title Screen 3 - A Linear Demand Curve Has an Inelastic Region // 0: Title // Input slider visibility: Elasticity and Shift N N // 1: Both, Scrollbar only, Label only, None N N // 2: Both, Scrollbar only, Label only, None // Results visibility T T T // 3: Initial, new, change columns T T F F F // 4: Price, quantity demanded, quantity supplied, // quantity supplied, excess demand, expenditure rows // Search label visibility F // 5: T or F // Demand and supply curve visibility T F // 6: Demand curve, supply curve // Respecify initial values T T T // 7: Respecify: Price, elasticity, and shift values 2000.0 10.0 // 8: Quantity and Price -0.5 0.5 // 9: Elasticities 0.0 0.0 // 10: Shifts // Report percent versus unit changes T // 11: True-Percent F-Unit ` Text Start // 12: Text `RED`BLDObjective:`BLD Calculate the price elasticity of demand for a point in the lower half of the demand curve.`BLK Now consider a different point, a point in the lower half of the demand curve: the point at which the price equals $10. To calculate the price elasticity at this point, increase the price by 10 percent: `IND`BLDQuestion:`BLD In percentage terms, what does the change in the quantity demanded equal when the price increases by 10 percent? `INDUsing this information calculate the price elasticity of demand when the price equals $10. ` Prob End ` ********** Problem 3 Start // Title Screen 4 - Inelastic Demand and Total Expenditures // 0: Title // Input slider visibility: Elasticity and Shift L N // 1: Both, Scrollbar only, Label only, None N N // 2: Both, Scrollbar only, Label only, None // Results visibility T T T // 3: Initial, new, change columns T T F F T // 4: Price, quantity demanded, quantity supplied, // quantity supplied, excess demand, expenditure rows // Search label visibility F // 5: T or F // Demand and supply curve visibility T F // 6: Demand curve, supply curve // Respecify initial values T T T // 7: Respecify: Price, elasticity, and shift values 2000.0 10.0 // 8: Quantity and Price -0.5 0.5 // 9: Elasticities 0.0 0.0 // 10: Shifts // Report percent versus unit changes T // 11: True-Percent F-Unit ` Text Start // 12: Text `RED`BLDObjective:`BLD Show that an increase in the price increases total expenditures when demand is inelastic.`BLK Again, consider the point at a price of $10. Increase the price by 10 percent. Since demand is inelastic will the quantity increase by more or less than 10 percent? Recall that total expenditures equals the product of price and quantity: Total Expenditures = Price x Quantity `BLDQuestion:`BLD When the price increases, what happens to total expenditures when demand is inelastic? ` Prob End ` ********** Problem 4 Start // Title Screen 5 - A Linear Demand Curve Has a Unit Elastic Point // 0: Title // Input slider visibility: Elasticity and Shift N N // 1: Both, Scrollbar only, Label only, None N N // 2: Both, Scrollbar only, Label only, None // Results visibility T T T // 3: Initial, new, change columns T T F F F // 4: Price, quantity demanded, quantity supplied, // quantity supplied, excess demand, expenditure rows // Search label visibility F // 5: T or F // Demand and supply curve visibility T F // 6: Demand curve, supply curve // Respecify initial values T T T // 7: Respecify: Price, elasticity, and shift values 1500.0 15.0 // 8: Quantity and Price -1.0 0.5 // 9: Elasticities 0.0 0.0 // 10: Shifts // Report percent versus unit changes T // 11: True-Percent F-Unit ` Text Start // 12: Text `RED`BLDObjective:`BLD Show that the midpoint of a linear demand curve is unit elastic.`BLK Last, consider the midpoint of the demand curve: the point at which the price equals $15. To calculate the price elasticity at this point, increase the price by 20 percent: `IND`BLDQuestion:`BLD In percentage terms, what does the change in the quantity demanded equal when the price increases by 20 percent? `INDIn percentage terms, what does the change in the quantity demanded equal? `INDUsing this information calculate the price elasticity of demand when the price equals $15. `BLDSummary:`BLD A linear demand curve has three regions: `0x2022 Midpoint is unit elastic. `0x2022 Upper half is elastic. `0x2022 Lower half is inelastic ` Prob End ` ********** Problem 5 Start // Title Screen 6 - Calculating the Price Elasticity of Supply // 0: Title // Input slider visibility: Elasticity and Shift N N // 1: Both, Scrollbar only, Label only, None N N // 2: Both, Scrollbar only, Label only, None // Results visibility T T T // 3: Initial, new, change columns T F T F F // 4: Price, quantity demanded, quantity supplied, // quantity supplied, excess demand, expenditure rows // Search label visibility F // 5: T or F // Demand and supply curve visibility F T // 6: Demand curve, supply curve // Respecify initial values T T T // 7: Respecify: Price, elasticity, and shift values 1000.0 20.0 // 8: Quantity and Price -2.0 0.5 // 9: Elasticities 0.0 0.0 // 10: Shifts // Report percent versus unit changes T // 11: True-Percent F-Unit ` Text Start // 12: Text `RED`BLDObjective:`BLD Calculate the price elasticity of supply.`BLK `BLDDefinition:`BLD The `BLDprice elasticity of supply`BLD equals the percent change in the quantity supplied resulting from a 1.0 percent change in the price; equivalently, the price elasticity of supply equals the ratio of the percent change in the quantity supply resulting to the percent change in the price. Initially the price is $20. To calculate the price elasticity of supply at this point, increase the price by 10 percent: `IND`BLDQuestion:`BLD In percentage terms, what does the change in the quantity demanded equal? `INDUsing this information calculate the price elasticity of supply at the $20 price. ` Prob End """ let strLabMarketEquShiftSpecs :String = """ `` Lab Specs // Price elasticity specs -2.00 -.25 .25 -1.0 // 0: Price elasticity of demand .25 2.00 .25 1.0 // 1: Price elasticity of supply // Shift specs -40.00 40.00 10.00 0.00 // 2: Substitute price changes -20.00 20.00 5.00 0.00 // 3: Input price changes 10 20 // 4: Demand and supply shift factors 0.00 50.00 1.00 20.00 // 5: Price scroll bar 0 0 1600 45 // 6: Graph axes `` Prob Specs ` ********** Problem 0 Start // Title Screen 1 - Effect of Demand Shifts on the Equilibrium: Inelastic Supply // 0: Title // Input slider visibility: Elasticity and Shift L L // 1: Both, Scrollbar only, Label only, None B N // 2: Both, Scrollbar only, Label only, None // Results visibility T T T // 3: Initial, new, change columns T T T T F // 4: Price, quantity demanded, quantity supplied, // quantity supplied, excess demand, expenditure rows // Search label visibility T // 5: T or F // Demand and supply curve visibility T T // 6: Demand curve, supply curve // Respecify initial values T T T // 7: Respecify: Price, elasticity, and shift values 1000.0 20.0 // 8: Quantity and Price -1.0 0.25 // 9: Elasticities 0.0 0.0 // 10: Shifts // Report percent versus unit changes T // 11: True-Percent F-Unit ` Text Start // 12: Text `RED`BLDObjective:`BLD Illustrate the effect of the elasticity of supply on the equilibrium price and quantity when the demand curve shifts.`BLK Use the substitute price scrollbar to increase the substitute price by $40. `IND`BLDQuestion:`BLD In percentage terms, what is the shortage at the old equilibrium price? `IND Use the price elasticities to predict the increase in the equilibrium price and quantity. Adjust the price scrollbar to find the new equilibrium price. `IND`BLDQuestion:`BLD Were your calculations correct? `IND`BLDQuestions:`BLD By how much does the equilibrium `0x2022 price increase? `0x2022 quantity increase? ` Prob End ` ********** Problem 1 Start // Title Screen 2 - Effect of Demand Shifts on the Equilibrium: Elastic Supply // 0: Title // Input slider visibility: Elasticity and Shift L L // 1: Both, Scrollbar only, Label only, None B N // 2: Both, Scrollbar only, Label only, None // Results visibility T T T // 3: Initial, new, change columns T T T T F // 4: Price, quantity demanded, quantity supplied, // quantity supplied, excess demand, expenditure rows // Search label visibility T // 5: T or F // Demand and supply curve visibility T T // 6: Demand curve, supply curve // Respecify initial values T T T // 7: Respecify: Price, elasticity, and shift values 1000.0 20.0 // 8: Quantity and Price -1.0 2.0 // 9: Elasticities 0.0 0.0 // 10: Shifts // Report percent versus unit changes T // 11: True-Percent F-Unit ` Text Start // 12: Text `RED`BLDObjective:`BLD Illustrate the effect of the elasticity of supply on the equilibrium price and quantity when the demand curve shifts.`BLK Use the substitute price scrollbar to increase the substitute price by $40. `IND`BLDQuestion:`BLD In percentage terms, what is the shortage at the old equilibrium price? `IND Use the price elasticities to predict the increase in the equilibrium price and quantity. Adjust the price scrollbar to find the new equilibrium price. `IND`BLDQuestion:`BLD Were your calculations correct? `IND`BLDQuestions:`BLD By how much does the equilibrium `0x2022 price increase? `0x2022 quantity increase? ` Prob End ` ********** Problem 2 Start // Title Screen 3 - Summary: Importance of Supply Elasticity when the Demand Curve Shifts // 0: Title // Input slider visibility: Elasticity and Shift L B // 1: Both, Scrollbar only, Label only, None B N // 2: Both, Scrollbar only, Label only, None // Results visibility T T T // 3: Initial, new, change columns T T T T F // 4: Price, quantity demanded, quantity supplied, // quantity supplied, excess demand, expenditure rows // Search label visibility T // 5: T or F // Demand and supply curve visibility T T // 6: Demand curve, supply curve // Respecify initial values T T T // 7: Respecify: Price, elasticity, and shift values 1000.0 20.0 // 8: Quantity and Price -1.0 2.0 // 9: Elasticities 40.0 0.0 // 10: Shifts // Report percent versus unit changes T // 11: True-Percent F-Unit ` Text Start // 12: Text `RED`BLDObjective:`BLD Summarize the effect that the price elasticity of supply has on the equilibrium price and quantity when the demand curve shifts.`BLK Compare the equilibrium price and quantity changes in the previous two screens. `BLDQuestion:`BLD When the demand curve shifts how does the supply elasticity affect the magnitude of the `0x2022 price change? `0x2022 quantity change? NB: You can review your results from the two previous screens by adjusting the supply elasticity scrollbar. ` Prob End ` ********** Problem 3 Start // Title Screen 4 - Effect of Supply Shifts on the Equilibrium: Inelastic Demand // 0: Title // Input slider visibility: Elasticity and Shift L L // 1: Both, Scrollbar only, Label only, None N B // 2: Both, Scrollbar only, Label only, None // Results visibility T T T // 3: Initial, new, change columns T T T T F // 4: Price, quantity demanded, quantity supplied, // quantity supplied, excess demand, expenditure rows // Search label visibility T // 5: T or F // Demand and supply curve visibility T T // 6: Demand curve, supply curve // Respecify initial values T T T // 7: Respecify: Price, elasticity, and shift values 1000.0 20.0 // 8: Quantity and Price -.25 1.00 // 9: Elasticities 0.0 0.0 // 10: Shifts // Report percent versus unit changes T // 11: True-Percent F-Unit ` Text Start // 12: Text `RED`BLDObjective:`BLD Illustrate the effect of the elasticity of demand on the equilibrium price and quantity when the supply curve shifts.`BLK Use the input price scrollbar to decrease the substitute price by $20. `IND`BLDQuestion:`BLD In percentage terms, what is the shortage at the old equilibrium price? `IND Use the price elasticities to predict the increase in the equilibrium price and quantity. Adjust the price scrollbar to find the new equilibrium price. `IND`BLDQuestion:`BLD Were your calculations correct? `IND`BLDQuestions:`BLD By how much does the equilibrium `0x2022 price increase? `0x2022 quantity increase? ` Prob End ` ********** Problem 4 Start // Title Screen 5 - Effect of Supply Shifts on the Equilibrium: Elastic Demand // 0: Title // Input slider visibility: Elasticity and Shift L L // 1: Both, Scrollbar only, Label only, None N B // 2: Both, Scrollbar only, Label only, None // Results visibility T T T // 3: Initial, new, change columns T T T T F // 4: Price, quantity demanded, quantity supplied, // quantity supplied, excess demand, expenditure rows // Search label visibility T // 5: T or F // Demand and supply curve visibility T T // 6: Demand curve, supply curve // Respecify initial values T T T // 7: Respecify: Price, elasticity, and shift values 1000.0 20.0 // 8: Quantity and Price -2.0 1.0 // 9: Elasticities 0.0 0.0 // 10: Shifts // Report percent versus unit changes T // 11: True-Percent F-Unit ` Text Start // 12: Text `RED`BLDObjective:`BLD Illustrate the effect of the elasticity of demand on the equilibrium price and quantity when the supply curve shifts.`BLK Use the input price scrollbar to decrease the substitute price by $20. `IND`BLDQuestion:`BLD In percentage terms, what is the shortage at the old equilibrium price? `IND Use the price elasticities to predict the increase in the equilibrium price and quantity. Adjust the price scrollbar to find the new equilibrium price. `IND`BLDQuestion:`BLD Were your calculations correct? `IND`BLDQuestions:`BLD By how much does the equilibrium `0x2022 price increase? `0x2022 quantity increase? ` Prob End ` ********** Problem 5 Start // Title Screen 6 - Summary: Importance of Demand Elasticity when the Supply Curve Shifts // 0: Title // Input slider visibility: Elasticity and Shift B L // 1: Both, Scrollbar only, Label only, None N B // 2: Both, Scrollbar only, Label only, None // Results visibility T T T // 3: Initial, new, change columns T T T T F // 4: Price, quantity demanded, quantity supplied, // quantity supplied, excess demand, expenditure rows // Search label visibility T // 5: T or F // Demand and supply curve visibility T T // 6: Demand curve, supply curve // Respecify initial values T T T // 7: Respecify: Price, elasticity, and shift values 1000.0 20.0 // 8: Quantity and Price -2.0 1.0 // 9: Elasticities 0.0 -20.0 // 10: Shifts // Report percent versus unit changes T // 11: True-Percent F-Unit ` Text Start // 12: Text `RED`BLDObjective:`BLD Summarize the effect that the price elasticity of demand has on the equilibrium price and quantity when the supply curve shifts.`BLK Compare the equilibrium price and quantity changes in the previous two screens. `BLDQuestion:`BLD When the supply curve shifts how does the demand elasticity affect the magnitude of the `0x2022 price change? `0x2022 quantity change? NB: You can review your results from the two previous screens by adjusting the demand elasticity scrollbar. ` Prob End """ }