: Do the following cause a change in demand (shift in demand curve), change in supply (shift in supply curve), change in quantity demanded (movement along demand curve) or change in quantity supplied (movement along supply curve)?
1) The market for Aquafina water. The price of Dasani increases.
2) The market for ground beef. The price of cow-feed increases
. 3) The market for hamburger patties. The price of hamburger buns decreases.
4) The market for pistols. Republicans fear that a democratic president will initiate new gun control laws making it more difficult to purchase guns.
: Do the following cause a change in demand (shift in demand curve), change in supply (shift in supply curve), change in quantity demanded (movement along demand curve) or change in quantity supplied (movement along supply curve)?
1) The market for Aquafina water. The price of Dasani increases.
2) The market for ground beef. The price of cow-feed increases
. 3) The market for hamburger patties. The price of hamburger buns decreases.
4) The market for pistols. Republicans fear that a democratic president will initiate new gun control laws making it more difficult to purchase guns.
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Demand and Supply of Product X (per week)
price | quantiy demanded | quanity supplies | surplus/shortage | pressure on price |
1 | 20 | 0 | ||
2 | 15 | 5 | ||
3 | 10 | 10 | ||
4 | 5 | 15 | ||
5 | 0 | 20 |
True or False?
1) The law of demand implies that an increase in the price of good will decrease the demand for that good.
2) The law of supply implies that an increase in the price of a good will increase the quantity supplied of that good.
3) A change in a non-price determinant of demand will result in the movement along a given demand curve.
4) An increase in supply is reflected graphically as a leftward shift of the supply curve.
5) There is no difference between changes in quantity demanded of beef and change in demand for beef. Justify your answer.
6) Because the price of milk was very high, my mother bought less cereal than usual.
7) Now that my uncle Thomas has an increase in income his household consumes less potatoes and cabbages.
8) Because the price of Pepsi cola fell, price of coca cola remaining the same, we bought many cans of coca cola last month.