Assignment Demand & Supply
In each of the following scenarios decide if the product is moving along the curve ( The price of diamonds has gone from $ 1,000 a karat to $ 2,000 a karat, this represents movement along the curve. Higher the price less of the demand.) OR If the product's determinants have shifted the curve. (flat screen TVs have become more popular (notice no mention of price). The demand curve has shifted to the right.)
If it helps you may want to think of product B as Butter or Baby dolls
What effect will each of the following have on the demand for product B?
A. Product B becomes more fashionable
B. The price subsitute product C Falls
C. Income declines and product B is an inferior good
D. Consumers anticipate that the price of B will be lower in the near futre.
E. The price of complementary product D falls
What effect will each of the following have on the supply of product B?
a. A technological advance in the methods producing product B.
b. A decline in the number of firms in industry B.
c. An increase in the prices of resources required in the production of B.
d. The expectation that the equilibrium price of B will be lower in the future than it is currently.
e. A decline in the price of product A, a good whose production requires substantially the same techniques and resources as does the production of B.
f. The levying of specific sales tax on B.
g. The granting of a 50-cent-per-unit subsidy for each unit of B produced.
.
Assignment Demand & Supply
In each of the following scenarios decide if the product is moving along the curve ( The price of diamonds has gone from $ 1,000 a karat to $ 2,000 a karat, this represents movement along the curve. Higher the price less of the demand.) OR If the product's determinants have shifted the curve. (flat screen TVs have become more popular (notice no mention of price). The demand curve has shifted to the right.)
If it helps you may want to think of product B as Butter or Baby dolls
What effect will each of the following have on the demand for product B?
A. Product B becomes more fashionable
B. The price subsitute product C Falls
C. Income declines and product B is an inferior good
D. Consumers anticipate that the price of B will be lower in the near futre.
E. The price of complementary product D falls
What effect will each of the following have on the supply of product B?
a. A technological advance in the methods producing product B.
b. A decline in the number of firms in industry B.
c. An increase in the prices of resources required in the production of B.
d. The expectation that the equilibrium price of B will be lower in the future than it is currently.
e. A decline in the price of product A, a good whose production requires substantially the same techniques and resources as does the production of B.
f. The levying of specific sales tax on B.
g. The granting of a 50-cent-per-unit subsidy for each unit of B produced.
.
For unlimited access to Homework Help, a Homework+ subscription is required.
Related textbook solutions
Related questions
Who bears the primary costs of a rent control program?
A. | landlords | |||||||||||||
B. | renters that get rent-controlled apartments | |||||||||||||
C. | taxpayers | |||||||||||||
D. | the wealthy Assume the demand for sushi is Qd = 180 - 3P, where Qd is quantity demanded and P = price in dollars. The supply of sushi is Qs = 80 + 5P, where Qs is quantity supplied (and P is, again, price in dollars). A price of $20 would result in:
|
US agricultural price supports are politically popular because
A. | They have no adverse impacts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
B. | The US would have food shortages without them | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
C. | The benefits accrue to a large number of voters and the costs are paid by a small number of voters | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
D. | The costs are spread out among millions of people Assume the demand for sushi is Qd = 180 - 3P, where Qd is quantity demanded and P = price in dollars. The supply of sushi is Qs = 80 + 5P, where Qs is quantity supplied (and P is, again, price in dollars). What would be the equilibrium price?
Price floors and ceiling prices:
|