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Problem3:(10Points) Classifytheeffectofeachofthefollowingas(a) a change inthedemandforfishor(b)achangeinthequantityoffishdemanded. Illustrateeachoftheeffectdiagrammatically. i. ThegovernmentofCanadaclosestheAtlanticcodfishery. ii. Peoplebuylessfishbecauseofariseinfishprice. iii. TheCatholicChurchrelaxesitsbanoneatingmeatonFridays. iv. Thepriceofbeeffalls(assumingthatbeefisasubstituteoffish). v. Fearsofmercurypoisoningleadlocalstoshunfishcaughtinnearby
Problem3:(10Points)
Classifytheeffectofeachofthefollowingas(a) a change inthedemandforfishor(b)achangeinthequantityoffishdemanded. Illustrateeachoftheeffectdiagrammatically.
i. ThegovernmentofCanadaclosestheAtlanticcodfishery.
ii. Peoplebuylessfishbecauseofariseinfishprice.
iii. TheCatholicChurchrelaxesitsbanoneatingmeatonFridays.
iv. Thepriceofbeeffalls(assumingthatbeefisasubstituteoffish).
v. Fearsofmercurypoisoningleadlocalstoshunfishcaughtinnearby
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