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Homework economics help much appreciated?
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10-15-2012, 08:29 PM
Post: #1
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Homework economics help much appreciated?
For each situation determine the effect of the described event on supply, demand, and the equilibrium price and quantity within the appropriate markets. For each subquestion you will have four answers. Assume everything else is held constant within the market except what is described and that the competitive markets adhere to the Law of Demand and Law of Supply.
A. Individual preferences for Facebook usage has increased. What happens in the market for Facebook? B. Technology improves for renewable power sources. What happens in the market for renewable energy? C. Income decreases due to the recession. What happens to the boat market assuming boats are normal goods? D. Government passes a tax on soda that producers must pay. This increases the costs of producing soda. What happens in the market for Soda? E. Technology for e-readers improves. Assume books and e-readers are substitutes. What happens in the market for books? F. The cost of microchips, an input and component in Kindles, decrease. At the same time population increases. What happens in the market for Kindles? G. The number of photographers increase and number of high-quality printing locations decrease. What happens in the market for high-quality prints? Ads |
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Homework economics help much appreciated? - The Rock - 10-15-2012 08:29 PM
[] - MatthewDReturns - 10-15-2012, 08:37 PM
[] - Tim T. Yenmor - 10-15-2012, 08:37 PM
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