Assignments Chapter 3
Macroeconomics | © John Petroff Source: PEOI |
Assignment #1: Define demand.
State the law of demand. Draw a demand curve
and give reasons for the validity of your graph.
Assignment #2: Define supply.
State the law of supply. Draw a supply curve
and give reasons for the validity of your graph.
Assignment #3: Draw demand and
supply in a graph, and prove that their
intersection is a stable equilibrium point. In the process
define surplus and shortage.
Assignment #4: Distinguish between
changes in quantity demanded and changes
in demand. List and explain nonprice determinants of demand.