Practice problems “Equilibrium” 1) (8 pts) Add supply and demand lines to each graph. Label new equilibrium price and quantity and indicate direction of change in the equilibrium price with an arrow: 2. (6 pts) Demand, Supply and Equilibrium. Read and answer questions below. 1 a) (1 pt) How does the law requiring stricter animal-welfare standards affect the cost of eggs to be sold in California? Underline relevant passages in the article. b) (1 pt) How, do you think, would the law requiring roomier enclosures affect the demand for eggs in California? c) (3 pts) How would the law for chicken farmers affect the market for eggs in California? Identify relevant demand/supply shifter(s). Illustrate the change and the effect on the equilibrium price and quantity of eggs sold in California. P Q Markets for Eggs in California Which panel from the Table does this change represent? Cirlce one: A B C D E F G H 2 d) (3 pts) How would the law requiring stricter animal-welfare standards for eggs sold in California affect the market for eggs in Missouri? Identify relevant demand/supply shifter(s). Illustrate the change in the market in Missouri and the effect on the equilibrium price and quantity of eggs sold in Missouri. P Q Markets for Eggs in Missouri Which panel from the Table does this change represent? Cirlce one: A B C D E F G H 3