Microeconomics
13th Edition
ISBN: 9781337617406
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 3, Problem 10QP
To determine
Explain what the law of increase in
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In the following scenarios, you will be given a product and an event. Determine what will happen to the demand for the product based on the event, what happens to the demand curve, and give the non-price determinant that caused it to occur. (chose from the 7 determinants listed in the notes). The first one is answered for you as an example.
EXAMPLE/ Product - Hamburgers Event - The price of steak increases Answer/ Demand increases - Curve shifts right - Price of substitutes
1. Pepsi - The price of Coke decreases dramatically.
2. Steak - Incomes fall due to the recession
3. Hair dye - Hair dye is successfully advertised in the media.
4. Computer software - The price of computers goes down.
In the following scenarios, you will be given a product and an event. Determine what will happen to the demand for the product based on the event, what happens to the demand curve, and give the non-price determinant that caused it to occur. (chose from the 7 determinants listed in the notes). The first one is answered for you as an example.
EXAMPLE/ Product - Hamburgers Event - The price of steak increases
EXAMPLE ANSWER/ Demand increases - Curve shifts right - Price of substitutes
Rock Salt - It snows 8 inches over night
In the following scenarios, you will be given a product and an event. Determine what will happen to the demand for the product based on the event, what happens to the demand curve, and give the non-price determinant that caused it to occur. (chose from the 7 determinants listed in the notes). The first one is answered for you as an example.
EXAMPLE/ Product - Hamburgers Event - The price of steak increases
EXAMPLE ANSWER/ Demand increases - Curve shifts right - Price of substitutes
Salt - The price of salt doubles.
2. Sunscreen - Summer approaches.
3. Big Macs - The population in the United States increases by 20%.
4. Rock Salt - It snows 8 inches over night
Chapter 3 Solutions
Microeconomics
Ch. 3.1 - Prob. 1STCh. 3.1 - Prob. 2STCh. 3.1 - Prob. 3STCh. 3.1 - Prob. 4STCh. 3.2 - Prob. 1STCh. 3.2 - Prob. 2STCh. 3.2 - Prob. 3STCh. 3.3 - Prob. 1STCh. 3.3 - The price of a personal computer of a given...Ch. 3.3 - Prob. 3ST
Ch. 3.3 - Prob. 4STCh. 3.3 - Prob. 5STCh. 3 - Prob. 1QPCh. 3 - Prob. 2QPCh. 3 - Prob. 3QPCh. 3 - Prob. 4QPCh. 3 - Prob. 5QPCh. 3 - Prob. 6QPCh. 3 - Prob. 7QPCh. 3 - Prob. 8QPCh. 3 - Prob. 9QPCh. 3 - Prob. 10QPCh. 3 - Prob. 11QPCh. 3 - Prob. 12QPCh. 3 - Prob. 13QPCh. 3 - Prob. 14QPCh. 3 - Prob. 15QPCh. 3 - Prob. 16QPCh. 3 - Prob. 17QPCh. 3 - Prob. 18QPCh. 3 - Prob. 19QPCh. 3 - Prob. 20QPCh. 3 - Prob. 21QPCh. 3 - Prob. 22QPCh. 3 - Prob. 23QPCh. 3 - Prob. 24QPCh. 3 - Prob. 25QPCh. 3 - Prob. 26QPCh. 3 - Prob. 27QPCh. 3 - Prob. 28QPCh. 3 - Prob. 1WNGCh. 3 - Prob. 2WNGCh. 3 - Prob. 3WNGCh. 3 - Prob. 4WNGCh. 3 - Prob. 5WNGCh. 3 - Prob. 6WNGCh. 3 - Prob. 7WNGCh. 3 - Prob. 8WNGCh. 3 - Prob. 9WNG
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