Question: please help with the following help show all your work for the problems requiring calculations. 1.List the factors: a.That can change demand. b.That can change

 please help with the following helpshow all your work for theproblems requiring calculations. 1.List the factors: a.That can change demand.b.That can change

please help with the following

help

show all your work for the problems requiring calculations.

1.List the factors:

a.That can change demand.

b.That can change supply.

2.State the:

a.Law of demand.

b.Law of supply.

3.Explain the difference between normal and inferior goods.Give an example of each.

4.Define complements and substitutes in consumption. Give an example of each.

5. A.Graphically show on what happens to equilibrium price and quantity when demand increases.(You have to show supply on your graph as well to establish an equilibrium price and quantity)

B. On a separate graph show what happens to equilibrium price and quantity when demand decreases.

6.A.Graphically show on what happens to equilibrium price and quantity when supply increases.(You have to show demand on your graph as well to establish an equilibrium price and quantity)

B.On a separate graph show what happens to equilibrium price and quantity when supply decreases.

7.Determine if demand for or supply of organic blueberries (a normal good) would change and if it would increase or decrease in each of the following examples.For each answer, it must have which curve shifts and how it shifts.

a.The price of fertilizer (an input in production) increases

b.Technology improves the cultivation of blueberries

c.The price of oatmeal (a complement in consumption to blueberries) increases

d.There are fewer blueberry farms

e.Consumers expect the price of blueberries to increase

f.The price of strawberries (a substitute in consumption to blueberries) increases

g.Income decreases

8.In each of the following examples, what should happen to the price and quantity of organic blueberries (a normal good)?Make sure you give two answers for each part: what happens to price and what happens to quantity.

a.The price of fertilizer (an input in production) increases

b.Technology improves the cultivation of blueberries

c.The price of oatmeal (a complement in consumption to blueberries) increases

d.There are fewer blueberry farms

e.Consumers expect the price of blueberries to increase

f.The price of strawberries (a substitute in consumption to blueberries) increases

g.Income decreases

9.

supply. 2.State the:a.Law of demand.b.Law of supply. 3.Explain the difference between normaland inferior goods.Give an example of each. 4.Define complements and substitutes in

Price of Bungee Jumps 240 220 200 Supply 180 160 140 120 100 80 60 40 20 0 10000 20000 30000 40000 50000 60000 70000 80000 Quantity of Bungee JumpsPrice Quantity demanded Quantity supplied (dollars) $1 800 500 $2 750 550 $3 700 600 $4 650 650 $5 600 700

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!