Given the products below and the events that affect them, indicate what happens to demand, supply, equilibrium
Question:
(a) Calculators. More schools require students to buy and use calculators; improved productivity shortens the time it takes to make calculators.
(b) Gasoline. Oil production declines due to a crisis in the Middle East; people take more car vacations and drive more.
(c) New homes. The average incomes fall as the economy moves into recession; the productivity of home construction workers and builders increases.
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a The demand for calculators increases because of an increase in the numberof buyers The supply of c...View the full answer
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