The following table shows hypothetical demand schedules for sugar for three separate months. To help make the
Question:
a. When the price of sugar rises from $2.50 to $3.00 in the month of October there is a(n) (increase/ decrease) in (demand for/quantity demanded of) sugar of 2000 kg.
b. We can say that the demand curve for sugar in December shifted (to the right/to the left) of November's demand curve. This represents a(n) (increase/ decrease) in demand for sugar.
c. An increase in the demand for sugar means that quantity demanded at each price has (increased/ decreased), while a decrease in demand for sugar means that quantity demanded at each price has (increased/decreased).
d. In the month of December, a price change for sugar from $3.50 to $2.75 per kilogram would mean a change in (demand for/quantity demanded of) sugar of 3000 kg.
e. Plot the three demand schedules on a graph and label each demand curve to indicate whether it is the demand for October, November, or December.
Step by Step Answer:
Microeconomics
ISBN: 978-0321866349
14th canadian Edition
Authors: Christopher T.S. Ragan, Richard G Lipsey