would like some to do this assignment


ECO 210: Homework Assignment #1


Question 1. You go to the movies one evening instead of doing your economics assignment and practice

test. You get 70 percent on your next economics exam compared with the 85 percent that you normally

score. What is the opportunity cost of going to the movies? [Note: Just think about what you are going to

give up if you go to the movies.]

Question 2. You plan to go skiing next weekend. If you do, you will have to miss doing your usual weekend job that pays $100. You won’t be able study for 8 hours and you won’t be able to use your prepaid college meal plan. The cost of your travel and accommodations will be $350, the cost of renting skis is $60, and your food will cost $40. What is the opportunity cost of the weekend ski trip? [Note: Think about what you are going to give up if you go skiing.]


Question 3. This question deals with demand and supply and refers you to the table below.

Price ($)

Quantity Demanded/ Month

Quantity Supplied/ Month
















a. What is the equilibrium price and equilibrium quantity?

c. Suppose the price is currently at $5. What problem would exist in the economy? What would you expect to happen to price?

d. Suppose the price is currently $2. What problem exists in the economy? What would you expect to happen to price?

Question 4. Suppose we are analyzing the market for hot chocolate and at equilibrium. For each, identify the determinant of supply or demand that is involved, and also state whether there will be an increase or decrease in supply or demand. Finally, how would equilibrium price and quantity change with the shift in the supply or demand curve?

a. Winter starts and the weather turns sharply colder.

b. The price of tea, a substitute for hot chocolate, falls.

c. The price of cocoa beans decreases.

d. The price of whipped cream falls.

e. A better method of harvesting cocoa beans is introduced.

f. The Surgeon General of the U.S. announces that hot chocolate cures acne.

g. Protesting farmers dump millions of gallons of milk, causing the price of milk to rise.

h. Consumer income falls because of a recession and hot chocolate is considered a normal good.

Question 5. New cars are a normal good. Suppose that the economy enters a period of strong economic

expansion so that people’s income increases substantially. What happens to the equilibrium price and quantity of new cars?

Question 6. DVDs and videotapes are substitutes. What happens to the equilibrium price and quantity of videotapes when the price of a DVD falls because of an

increase in the supply of DVDs.

Question 7. Suppose we observe that the consumption of peanut butter increases at the same time its price rises. What must have happened in the market for peanut butter? Is the observation that the price rose and the quantity increased consistent with the law of demand? Why or why not?

Question 8. The price of a personal computer has continued to fall in the face of increasing demand.


Question 9. (not graded but this needs to be clear in your mind!) When you and a friend are studying the model of Demand and Supply, the friend says to you, “I really don’t understand the difference between a ‘shift in a curve’ and a ‘movement along’ a curve. Can you help me?” How would you explain the difference to your friend?

Calculate your order
Pages (275 words)
Standard price: $0.00
Client Reviews
Our Guarantees
100% Confidentiality
Information about customers is confidential and never disclosed to third parties.
Original Writing
We complete all papers from scratch. You can get a plagiarism report.
Timely Delivery
No missed deadlines – 97% of assignments are completed in time.
Money Back
If you're confident that a writer didn't follow your order details, ask for a refund.

Calculate the price of your order

You will get a personal manager and a discount.
We'll send you the first draft for approval by at
Total price:
Power up Your Academic Success with the
Team of Professionals. We’ve Got Your Back.
Power up Your Study Success with Experts We’ve Got Your Back.
WeCreativez WhatsApp Support
Our customer support team is here to answer your questions. Ask us anything!
👋 Hi, how can I help?