1.1 With the aid of a fully labelled diagram, explain what would happen in the market for homemade mask if the price of surgical facial masks increases ceteris paribus. 1.2 Explain, with the aid of a graph, how a negative research finding about the impact of homemade masks on peoples' health will affect the demand for homemade masks 1.3 Why is it important to differentiate between a change in demand and a change in the quantity demanded? 1.5 Suppose the market price of facial masks $1.50 is set above the above the equilibrium price of $1. With the aid of a diagram, explain what would happen to the market of facial masks
1.1 With the aid of a fully labelled diagram, explain what would happen in the market for homemade mask if the price of surgical facial masks increases ceteris paribus. 1.2 Explain, with the aid of a graph, how a negative research finding about the impact of homemade masks on peoples' health will affect the demand for homemade masks 1.3 Why is it important to differentiate between a change in demand and a change in the quantity demanded? 1.5 Suppose the market price of facial masks $1.50 is set above the above the equilibrium price of $1. With the aid of a diagram, explain what would happen to the market of facial masks
Microeconomics: Principles & Policy
14th Edition
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:William J. Baumol, Alan S. Blinder, John L. Solow
Chapter4: Supply And Demand: An Initial Look
Section: Chapter Questions
Problem 7DQ
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