CA Economics Discussion

Description

1. Suppose you have a market for sushi which is currently in equilibrium. Thinking of the supply and demand graph for this market, what would have to happen to cause both the equilibrium quantity of sushi in this market to rise and the equilibrium price of sushi in this market to rise? Is this even something that could happen? In your answer, please pay attention to and describe what would have to happen to the supply and demand. (You may of course elaborate with any hypothetical “real life” reasons for any changes in the graph too.)

2. Jonny is planning his schedule for the weekend. One of his friends has invited him to a two-day camping trip to Catalina. Another friend has offered an invitation to binge watch the Lord of the Rings movie trilogy (extended edition) on Saturday. His cousin has invited him to a weekend beer tasting festival. Lastly, his uncle has invited him to a weekend of Dungeons and Dragons. Why might Jonny not be able to participate in everything this weekend? Is there a concept (or concepts) in Economics which best describe Jonny’s situation? If so, please list this concept(s) and describe completely.

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