Go to the U.S. Census Bureau's home page (http://www.census.gov) and navigate to the population pyramids for 2000, for 2025, and for 2050. What is projected to happen to the age distribution in the United States? Other things constant, what do you expect will happen in the next 50 years to the relative demand and supply for each of the following, being careful to distinguish between shifts of and a movement along a curve:
Nursing homes.
Prescription medication.
Baby high chairs.
College education.
Go to the Energy Information Administration's home page (http://www.eia.doe.gov) and look up its most recent "Short-Term Energy Outlook" and answer the following questions:
List the factors that are expected to affect demand and supply for energy in the near term. How will each affect demand? Supply?
What is the EIA's forecast for world oil prices? Show graphically how the factors listed in your answer to a are consistent with the EIA's forecast. Label all shifts in demand and supply.
Describe and explain EIA's forecast for the price of gasoline, heating oil, and natural gas. Be sure to mention the factors that are affecting the forecast.
Go to the Tax Administration home page (http://www.taxadmin.org) and look up sales tax rates for the 50 U.S. states.
Which states have no sales tax? Which state has the highest sales tax?
Show graphically the effect of sales tax on supply, demand, equilibrium quantity, and equilibrium price.
Name two neighboring states that have significantly different sales tax rates. How does that affect the supply or demand for goods in those states?
