Question

please answer this question. i hace also attacehd the article images. I just cant answer it my mother is in the hospital.

Listen to the story about selling dinosaur bones on ebay. Print this page, write up your answers (handwritten please), can and post at a PDF document (jpeg so long as it is legible) 1) (8 pts) Using the graph below, demonstrate what happened to the market for dinosaur bones as more fossil hunters enter the fossil market? Indicate which curve shifts, which direction, draw that shift. a) price Supply b) Indicate what happens to the equilibrium price and equilibrium quantity as a result of the shift that you drew. Demand Q, quantity (8 pts) Using the graph below, demonstrate what happened to the market for dinosaur bones when the movie 2) Jurassic Park came out? Indicate which curve shifts, which direction, draw that shift. a) price b) Indicate what happens to the equilibrium price and equilibrium quantity as a result of the shift that you drew. Demand quantty

Answer 1

When more fossil hunts would enter the fossil market, there would thus be more supply of fossil in the economy. This would cause the supply curve to shift to the right. The shift of the supply curve would cause the equilibrium price to fall and the equilibrium price to fall and the equilibrium quantity to increase. With the movie, the demand would increase in the market, which would cause the demand curve to shift to the right. This would cause the equilibrium price quantity both to increase