Graph the impact of this price increase for land on the market for Gravenstein apples. If the demand for pinot noir suddenly shifts sharply to the right, we would expect to see _ in the demand for land in Sonoma, which would _ the equilibrium price of land.Īssume that a sharp increase in demand for pinot noir leads to an increase in the price for land. Given this information, what is the relationship between pinot noir wine and Gravenstein apples? Land in Sonoma, California, can be used to either grow grapes for pinot noir wine or to grow Gravenstein apples. 1.) Using the line drawing tool, graph either a new tea demand curve (D2) or a new tea supply curve (S2) that shows the effect of the drought. Show the effect of the drought on the tea market. What do you think the impact of this drought has been on the equilibrium price and quantity of tea? Draw a supply and demand diagram for the tea market to explain your answer.Ĭonsider the market for tea illustrated in the figure on the right. Label your point 'e2.'Ĭoffee and tea are likely _ because an increase in the price of coffee _ the demand for tea. 2.) Using the point drawing tool, indicate the new market equilibrium price and quantity. 1.) Using the line drawing tool, graph either a new coffee demand curve (D2) or a new coffee supply curve (S2) that shows the effect of the drought. Show the effect of the drought on the coffee market. Draw and discuss a supply and demand diagram to explain the increase in coffee prices.Ĭonsider the market for coffee illustrated in the figure on the right. The price of coffee beans doubled during the first three months of 2014. There was a severe drought in Brazil in 2013-2014 that damaged Brazil's coffee crop. If you had 3 hours, then you should study _ hour(s) for chemistry and _ hour(s) for biology.īrazil is the world's largest coffee producer. If you had 2 hours, then you should study _ hour(s) for chemistry and _ hour(s) for biology. Use the idea of optimization in differences to decide how much time you would spend studying for each quiz if you had a total of 1, 2, or 3 hours to prepare for each exam. Your goal is to maximize your average grade on the two quizzes. For instance, the second row implies that one hour of studying for Chemistry will generate an expected grade of 73 on Chemistry, whereas one hour of studying for Biology will generate an expected grade of 65 on Biology. The table below shows your grade on each quiz for different numbers of hours studying for each quiz. You have quizzes coming up in both classes. You are taking two courses this semester, biology and chemistry.
Suppose you thought income inequality in the United States had increased over time.īased on your answers to this question, would you expect the ratio of the mean income in the United States to the median income has risen or fallen? Explain. Suppose country B also has five families. Although the mean and median are closely related, the difference between the mean and the median is sometimes of interest. You can find the median by arranging all of the observations from lowest value to highest value and picking the middle value (assuming you have an odd number of observations). The median is the numerical value separating the higher half of your data from the lower half.
The mean and the median are closely related concepts.
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