Practice Questions Chapter 1 1. People respond to incentives ...

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f. Describe the slope of the short-run supply curve for the market for golfballs. Describe the slope of the long-run supply curve in the market forgolf balls.3. a. In Exhibit 1, show the cost curves of a representative firm in long-runequilibrium along side the corresponding market equilibrium.Exhibit 1b. Suppose there is a decrease in the demand for this product. In Exhibit2, show the shift in demand in the market for this product and thecorresponding profit or loss on the cost curves of the representativefirm.Exhibit 2Practice Questions to accompany Mankiw & Taylor: Economics 36
c. In Exhibit 3, show the adjustment that takes place in order to return themarket and firm to long-run equilibrium.Exhibit 3d. After the market has returned to long-run equilibrium, is the pricehigher, lower, or the same as the initial price? Are there more, fewer, orthe same number of firms producing in the market?Practice Questions to accompany Mankiw & Taylor: Economics 37
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