Economics Homework Two Answers - Student Twelve

1\. Price and Quantity

Correct.

2\. If p=$30-Q, and p=$6+Q, $6+Q = $30-Q

+Q      +Q
$6+2Q = $30
-$6+2Q = -$6 === 2Q = $24=== Q = $12

P = $30-Q ==== P = $18 so Quantity=$12, Price=$18

No, the quantity is not 12 dollars. (Minus 1). The numbers are right.

3\. The supply increases therefore the demand or need for oil drops and the market prices go down. When the demand for oil increases it is because there is less supply and the market prices rise.

No, demand can increase without any change in supply, and vice-versa. (Minus 2).

4\. They wish to make atleast a profit even though small out of the food that will spoil soon.On a graph the demand curve will move to the right after the price falls.

No, the demand curve does not move to the right. (Minus 1). The price does not fall in the store unless the owner decreases the price. (Minus 1).

5.A. They have 600 seats nd should make $3000. B. The tickets would sell out as a result of demand and people would have to wait in line for a ticket. I could not supprt this law because it doesn't give private business and option and it doesn't help the free trade market.

Correct.

6\. If I worked for 8 hours a day 5 days a week making money, and left work in the evening just to go grocery shopping trying my best to save money with coupons, then came home and paid the electric bills and mortgage, I am using money at nearly every minute. Nothing is ever free, it costs somebody something, whether labor, money, production costs. Free items dont pop out of thin air and land in the free bin. The reason people work is to make money or trade for something they can't get or produce themselves. In order for humans to survive, they must work in some way, for some good to somebody. That is why it is good to produce a hardworking spirit while you're young so you are used to working for the rest of you're life. Time also costs money and it's best to spend our time wisely with wholesome people doing things that our beneficial to our lives.

OK, but I'm not sure which part of the question you're addressing. Also, "your", not "you're".

7\. Doctors will be payed less so not many people will want to go into becoming a doctor and the Government will have the money to decide who needs medications or surgeries and would'nt they rather spend money on a road project or a regular government funded object than an old ladys medications. Waitning lines will happen because of the shortage of doctors and the shortage of medications or surgeries because the government will not want to pay for these needs.

Good, except I don't see how the government would be swapping money from health care to road projects. Even if the government kept all the health care money in health care, the plan for more government control is economically flawed. (Minus 1). Also, "paid", not "payed", "lady's", not "ladys".

64/70. Are you reading the lectures? Please reread them before answering the next homework.--Andy Schlafly 13:24, 20 September 2009 (EDT)