Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For each of the following scenarios, show what happens to the demand, price, and quantity of fidget spinners (2 marks each) a. New study finds

For each of the following scenarios, show what happens to the demand, price, and quantity of fidget spinners (2 marks each)

a. New study finds that fidget spinners improve attention in the classroom

b. The price of Rubik cubes decreases (assuming Rubik cube is a substitute good)

c. There is a recession and incomes fall (fidget spinner is a normal good)

2. Using an example explain and state the law of demand (4 Marks)

3. Answer the following questions - a. State the relationship between printers and printer ink (1 mark)

b. Using appropriate diagrams, explain what happens to the market of printer ink when there is an increase in the price of printers (4 marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Development Economics In The Twenty-First Century

Authors: Claudia Sunna, Davide Gualerzi

1st Edition

1317219961, 9781317219965

More Books

Students also viewed these Economics questions

Question

What is meant by planning or define planning?

Answered: 1 week ago

Question

Define span of management or define span of control ?

Answered: 1 week ago

Question

What is meant by formal organisation ?

Answered: 1 week ago

Question

What is meant by staff authority ?

Answered: 1 week ago

Question

A greater tendency to create winwin situations.

Answered: 1 week ago

Question

Improving creative problem-solving ability.

Answered: 1 week ago