Demand and Supply Diagram

For this week’s DB read chapter 4 and answer the following 2 questions, You have to include a diagram with each answer that you provide. If you are not too tech-savvy and can’t draw the graph on the computer, you can draw the diagram on paper then scan it and attach it to the DB thread you create.

1. Select 2 events below and for the 2 selected predict how each event will raise or lower the equilibrium wage and quantity of oil workers in Texas. In each case, sketch a demand and supply diagram to illustrate your answer. Events:

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The price of oil rises.
New oil-drilling equipment is invented that is cheap and requires few workers to run.
Several major companies that do not drill oil open factories in Texas, offering many well-paid jobs outside the oil industry.
The government imposes costly new regulations to make oil-drilling a safer job.

2. Select 2 economic changes below and for each predicts how it will affect the equilibrium price and quantity in the financial market for home loans. Sketch a demand and supply diagram to support your answers.

 

The number of people at the most common ages for home-buying increases.
People gain confidence that the economy is growing and that their jobs are secure.
Banks that have made home loans find that a larger number of people than they expected are not repaying those loans.
The federal government changes its bank regulations in a way that makes it cheaper and easier for banks to make home loans.

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