Question
please help with the following help show all your work for the problems requiring calculations. 1.List the factors: a.That can change demand. b.That can change
please help with the following
help
show all your work for the problems requiring calculations.
1.List the factors:
a.That can change demand.
b.That can change supply.
2.State the:
a.Law of demand.
b.Law of supply.
3.Explain the difference between normal and inferior goods.Give an example of each.
4.Define complements and substitutes in consumption. Give an example of each.
5. A.Graphically show on what happens to equilibrium price and quantity when demand increases.(You have to show supply on your graph as well to establish an equilibrium price and quantity)
B. On a separate graph show what happens to equilibrium price and quantity when demand decreases.
6.A.Graphically show on what happens to equilibrium price and quantity when supply increases.(You have to show demand on your graph as well to establish an equilibrium price and quantity)
B.On a separate graph show what happens to equilibrium price and quantity when supply decreases.
7.Determine if demand for or supply of organic blueberries (a normal good) would change and if it would increase or decrease in each of the following examples.For each answer, it must have which curve shifts and how it shifts.
a.The price of fertilizer (an input in production) increases
b.Technology improves the cultivation of blueberries
c.The price of oatmeal (a complement in consumption to blueberries) increases
d.There are fewer blueberry farms
e.Consumers expect the price of blueberries to increase
f.The price of strawberries (a substitute in consumption to blueberries) increases
g.Income decreases
8.In each of the following examples, what should happen to the price and quantity of organic blueberries (a normal good)?Make sure you give two answers for each part: what happens to price and what happens to quantity.
a.The price of fertilizer (an input in production) increases
b.Technology improves the cultivation of blueberries
c.The price of oatmeal (a complement in consumption to blueberries) increases
d.There are fewer blueberry farms
e.Consumers expect the price of blueberries to increase
f.The price of strawberries (a substitute in consumption to blueberries) increases
g.Income decreases
9.
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