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posted by  Leon E Connell Jr. on 7/20/2009 10:20:47 AM  |  status: Live  |  Earned Karma: 10

I would really appreciate some help on this

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14. The small town of Middling experiences a sudden doubling of the birth rate. After three years, the birth rate returns to normal.

Use a diagram to illustrate the effect of these events on the following.

a. The market for an hour of babysitting services in Middling today

b. The market for an hour of babysitting services 14 years into the future, after the birth rate has returned to normal, by which time children born today are old enough to work as babysitters

c. The market for an hour of babysitting services 30 years into the future, when children born today are likely to be having children of their own
Tags: Economics

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posted by Domokun on 7/20/2009 10:41:46 AM  |  status: Live
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Response Details:
a. The demand for babysitting services increases, while the supply remains the same.

b. The demand for babysitting services has returned to normal, while the supply increases.

c. The demand for babysitting services again increases, while the supply remains elevated. The equilibrium is the intersection of the new supply and new demand curves.
Tags: Demand, Supply
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