Graveyard Shifts
The single market factor that causes a movement along a demand curve rather than a shift of the entire curve
What is a change in the price of the good itself
If consumers are very sensitive to price changes and buy much less when the price goes up just a little, demand is described as this.
What is price elastic
A fun-size Snickers bar you eat from your candy bucket cannot be eaten by anyone else, and kids who don't knock on doors don't get one. This means candy possesses both rivalry and excludability, classifying it as this fundamental type of good.
What is a Private Good
Price Elasticity of Supply (PES) measures how responsive this is to a change in price.
Quantity Supplied
These mini bite-sized, crunchy chocolate wafer bars come in red-and-white wrappers.
Kit Kat Bar
If raw sugar costs rise significantly for a confectionery factory, state the direction of the supply curve shift and the resulting change in market equilibrium price and quantity. (both curves)
What is supply shifts left (inward), causing equilibrium price to rise and equilibrium quantity to fall
If the price of monster masks goes up and people buy more witch hats instead, these two goods are classified as this.
What are substitutes
A neighborhood puts on a massive outdoor Halloween street-light display. Anyone walking down the sidewalk enjoys the lighting without reducing light for others, and nobody can be blocked from looking at it. This makes street lighting this classic type of good.
What is a Public Good? (Accept: Pure Public Good)
If a costume company has empty warehouses and lots of idle sewing machines ready to go, state whether its supply is likely to be elastic or inelastic.
Elastic (Spare Capacity)
This iconic German gummy brand sells mini Halloween-themed packs featuring bat- and pumpkin-shaped Goldbears.
Haribo
In the market for pumpkin carving kits, Qd = 100 - 2P and Qs = 20 + 2P. Calculate the equilibrium price (Pe) and equilibrium quantity (Qe).
What is P\e = 20 and Qe = 60
(Working: $100 - 2P = 20 + 2P --- 4P = 80 implies P = 20; Q = 100 - 2(20) = 60
A 10% increase in the price of fake vampire blood leads to a 10% decrease in quantity demanded. State the exact name for this type of elasticity where the percentage changes are equal.
What is unitary elasticity PED = -1
High-sugar candy corn generates negative externalities in consumption (like future dental and healthcare costs) and is overconsumed because children suffer from imperfect information regarding its long-term health harms. In AS Economics, this is classified as this type of good.
What is a Demerit Good
State one reason why a baker can increase the supply of Halloween cupcakes in 2 hours, but a farmer cannot quickly increase the supply of pumpkins in 2 hours.
farming has a long production time
Popular at convenience stores (CU, GS25) and imported snack shops every October, these spooky, chewy German gummies are shaped like creepy human eyeballs filled with a sour red "bloody" liquid center.
What is Trolli (Eyeball Gummy / 눈알젤리)
A pumpkin patch charges $10 per pumpkin. At that price, consumers want to buy 150 pumpkins, but the farmer only has 100 pumpkins to sell. Calculate the size of the shortage.
What is 50 pumpkins? (150 demanded − 100 supplied)
name all the non price determinants for PED?
SPLAT (substitutes, percentage of income, luxury vs necessity, addictiveness, time)
Reflective safety tape worn on trick-or-treat costumes generates positive consumption externalities (fewer pedestrian collisions) and provides benefits that people consistently undervalue due to an information failure. In a free market, this type of good is persistently underconsumed and underprovided.
what is the acronym for non price determinants for PES?
In the competitive market for artisanal Halloween chocolate bars:
A global health campaign successfully rebrands dark chocolate as an essential superfood, causing a major surge in consumer demand.
Simultaneously, severe crop disease and supply chain disruptions double the price of raw cocoa beans, causing a sharp contraction in market supply.
Your Task:
Draw and correctly label an initial market equilibrium diagram showing P and Q.
Shift both curves to their new positions (D1) and S1) and label the new equilibrium point (P1, Q1).
State definitively what happens to Equilibrium Price and Quantity
State the reason for each change.
demand right/supply left
Price increases/Q indeterminant
Tastes/Resources or Number of Sellers
In the market for pumpkin spice lattes:
A viral social media trend causes a massive surge in popularity.
Simultaneously, a severe frost damages spice and dairy crops, raising production costs.
State what happens to equilibrium price, and to equilibrium quantity. draw a graph.
price up/Q indeterminant. demand right/supply left
A movie theater raises the ticket price for a horror movie, and its total revenue goes up. State whether demand for the tickets was price elastic or price inelastic.
What is price inelastic
A local neighborhood builds a fenced "Haunted Forest Walk." If you don't pay the $5 entry token, you are locked out (excludable); however, inside the forest, one more person walking along the path does not diminish anyone else's scare experience.
Name this specific sub-category of goods.
State the market failure problem that prevents a private market from efficiently providing pure public goods at zero price.
What is a Quasi-Public Good (or Club Good / Toll Good)?
What is the Free-Rider Problem? (Because public goods are non-excludable, rational consumers refuse to pay, leaving firms with zero profit incentive to supply them).
A rise in the market price of widgets from $10 to $12 leads a producer to increase output from 200 units to 260 units.
Calculate the firm's Price Elasticity of Supply (PES).
State whether supply is elastic, inelastic, or unitary.
PES = 1.5 Elastic
Spanning from 2002 to 2005, Park Chan-wook’s celebrated "The Vengeance Trilogy" explores the devastating moral decay of retribution through Oldboy and these two other thematic companion films.
What are Sympathy for Mr. Vengeance (복수는 나의 것) and Lady Vengeance (친절한 금자씨)?