I am a little confused of my homework instructions, they are the following: Consider the market for
Question:
I am a little confused of my homework instructions, they are the following:
Consider the market for scooters(i.e. we are interested in what happens to the market for scooters-and only scooters). FYI: by scooters I mean the gas-powered, low-speed, motorized vehicle.Statewhether the following scenarios would cause an increase or decrease in thedemandfor scooters (i.e.D or D), or an increase or decrease in thequantity demandedof scooters (i.e.QD or QD).
Each scenario is independent of each other. In addition,your answer cannot be both a change in demand and a change in quantity demanded(it must be one or the other). In each question,show (via a graph)exactly what will happen. Be sure to properly label the axis of your graph and properly label the demand curve.
"If your answer is both a change in demand and a change in quantity demanded, the grade will be ZERO."
This is the sentence above is what I am not sure of, according to this instruction, is the graph I created correct or not? If someone can guide me on the answer I provided, it would really really help me and I'd really appreciate it! :)
a) "The price of a bicycle falls"
Can someone explain me how would the graph look like for another scenario:Citing rising obesity rates, people now opt to walk instead of driving a scooter