Each of the following examples gives a non price factor that could change demand or supply. Illustrate this change graphically and then note the effect on equilibrium price and equilibrium quantity. Also, indicate the reason for the change.

1. What is the effect in the market for family home swimming pools as consumers' 

income increases?

2. What happens in the market for albums by a recording group when it falls from 

popularity?

3. What will happen in the market for surfboards if the price of fiberglass, a major

4. Assuming that chicken and beef are substitutes, what occurs in the chicken market 

when beef goes up in price?

5. What would be the effect on the market now if buyers expect that the price of gold 

will increase significantly in the near future?

6. What will happen in the market for fresh flowers and plants in a particular community 

when all of the grocery stores begin to carry them?

Answer rating: 100% (QA)

As consumers income increases the demand for family home swimming pools also increases due to their ... View the full answer