2. A small town of 1,000 people increases its population by 2,000. The grocery store raises its prices to match the new equilibrium price point. (Grocery Store G&S)
3. A new diet fad has resulted in soybeans madness. Graph the new equilibrium price. (Soybeans)
4. The new Justin Bieber CD has come out, and hordes of screaming fan girls line up to grab a copy. The
price has been set at $15 a CD, and 7 million CDs are released. The vacant eyed fans are willing to buy
13 million at this price, for reasons no one can fathom. (CDs)
5. PK Burgers has reached market equilibrium between how many burritos to produce versus how many
burritos people will eat. What happens to the price if one of their grills stops functioning? (PK Burger's
Burritos)