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In each of the markets below, indicate what effects the changes will have on Demand, Supply, Eq. Price, and Eq. Quantity. Hint: Use a blank
In each of the markets below, indicate what effects the changes will have on Demand, Supply, Eq. Price, and Eq. Quantity. Hint: Use a blank piece of paper to sketch the graphs and draw the changes in the curves. (Increase) (Decrease) --- (No Change) ? (Undetermined) Demand Supply Eq. Price Eq. Qty Orange Juice - A freeze in Florida occurs at the same time that the price of apple juice (a substitute) rises. Cigarettes - Government introduces an effective anti-smoking policy and at the same time increases the tax on cigarettes. Beer - The legal age for drinking is increased to 25 and at the same time technological change reduces the cost of brewing beer. Eyeglasses - The cost of producing lenses fall at the same time that wearing eyeglasses becomes more fashionable
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