Explain whether each of the following statements describes a change in demand or a change in quantity
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Question:
Explain whether each of the following statements describes a change in demand or a change in quantity demanded, and specify whether each change represents an increase or a decrease. For each of the five statements (a-e) draw a demand curve representing the appropriate change in quantity demanded or change in demand.
- JP Licks experience a 10% decline in ice-cream sales following a 15% price increase.
- Rebecca switches jobs and lands a 20% salary increase; she decides to reward herself by purchasing iphone 14 Pro.
- When the price of peaches unexpectedly rises, many consumers choose to purchase plums instead.
- Due to privacy concerns with its camera system, Tesla has experienced a decline in sales of its cars.
- Maria, an accountant at a manufacturing firm decides to forego her annual vacation in Hawaii when word leaks out that management may cut salaries.
Related Book For
Principles of Macroeconomics
ISBN: 978-0134078809
12th edition
Authors: Karl E. Case, Ray C. Fair, Sharon E. Oster
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