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5. A decrease An increase in finar A decrease in the tuition per a. b. Ceteris paribus, an increase in the supply of tortillas ca tortillas to and the equilibrium quantity of tortillas to decrease; decrease C. d. decrease; increase C. 6. d. increase; increase increase; decrease a. in the price of tomato juice. b. Assuming tomato juice is a normal good, an increase in consumer income will cause an tomato juice and a(n) C. demand for; decrease supply of; decrease 7. increase in the d. demand for; increase a. supply of, increase b. and the equilibrium quantity of tortillas to c. Ceteris paribus, an increase in the demand for tortillas causes the equilibrium price 8. decrease; increase decrease; decrease tortillas to increase; increase increase; decrease a. d. b. Assume teenagers in a town can either babysit or rake leaves to earn money on the weekends. Ceteris paribus, if the price paid for an hour of babysitting increases relative to the price paid for an hour of leaf raking, then: the supply of teens available to rake leaves is likely to decrease. the supply of teens available to baby sit is likely to decrease. the demand for baby sitting is likely to increase. the demand for leaf raking is likely to decrease. 9. a. b. C. d. 10. Technological improvements that reduce the cost of manufacturing smaller personal computers combined with an increase in the demand for smaller personal computers results in an increase in equilibrium: quantity, but no change in equilibrium price. price, but no change in equilibrium quantity. quantity, but the change in equilibrium price depends on the size of the shifts. price, but the change in equilibrium quantity depends on the size of the shifts. a. b. C. d. 4 Assignments 68

5. A decrease An increase in finar A decrease in the tuition per a. b. Ceteris paribus, an increase in the supply of tortillas ca tortillas to and the equilibrium quantity of tortillas to decrease; decrease C. d. decrease; increase C. 6. d. increase; increase increase; decrease a. in the price of tomato juice. b. Assuming tomato juice is a normal good, an increase in consumer income will cause an tomato juice and a(n) C. demand for; decrease supply of; decrease 7. increase in the d. demand for; increase a. supply of, increase b. and the equilibrium quantity of tortillas to c. Ceteris paribus, an increase in the demand for tortillas causes the equilibrium price 8. decrease; increase decrease; decrease tortillas to increase; increase increase; decrease a. d. b. Assume teenagers in a town can either babysit or rake leaves to earn money on the weekends. Ceteris paribus, if the price paid for an hour of babysitting increases relative to the price paid for an hour of leaf raking, then: the supply of teens available to rake leaves is likely to decrease. the supply of teens available to baby sit is likely to decrease. the demand for baby sitting is likely to increase. the demand for leaf raking is likely to decrease. 9. a. b. C. d. 10. Technological improvements that reduce the cost of manufacturing smaller personal computers combined with an increase in the demand for smaller personal computers results in an increase in equilibrium: quantity, but no change in equilibrium price. price, but no change in equilibrium quantity. quantity, but the change in equilibrium price depends on the size of the shifts. price, but the change in equilibrium quantity depends on the size of the shifts. a. b. C. d. 4 Assignments 68

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 5PA
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5. A decrease An increase in finar A decrease in the tuition per a. b. Ceteris paribus, an increase in the supply of tortillas ca tortillas to and the equilibrium quantity of tortillas to decrease; decrease C. d. decrease; increase C. 6. d. increase; increase increase; decrease a. in the price of tomato juice. b. Assuming tomato juice is a normal good, an increase in consumer income will cause an tomato juice and a(n) C. demand for; decrease supply of; decrease 7. increase in the d. demand for; increase a. supply of, increase b. and the equilibrium quantity of tortillas to c. Ceteris paribus, an increase in the demand for tortillas causes the equilibrium price 8. decrease; increase decrease; decrease tortillas to increase; increase increase; decrease a. d. b. Assume teenagers in a town can either babysit or rake leaves to earn money on the weekends. Ceteris paribus, if the price paid for an hour of babysitting increases relative to the price paid for an hour of leaf raking, then: the supply of teens available to rake leaves is likely to decrease. the supply of teens available to baby sit is likely to decrease. the demand for baby sitting is likely to increase. the demand for leaf raking is likely to decrease. 9. a. b. C. d. 10. Technological improvements that reduce the cost of manufacturing smaller personal computers combined with an increase in the demand for smaller personal computers results in an increase in equilibrium: quantity, but no change in equilibrium price. price, but no change in equilibrium quantity. quantity, but the change in equilibrium price depends on the size of the shifts. price, but the change in equilibrium quantity depends on the size of the shifts. a. b. C. d. 4 Assignments 68
Transcribed Image Text:5. A decrease An increase in finar A decrease in the tuition per a. b. Ceteris paribus, an increase in the supply of tortillas ca tortillas to and the equilibrium quantity of tortillas to decrease; decrease C. d. decrease; increase C. 6. d. increase; increase increase; decrease a. in the price of tomato juice. b. Assuming tomato juice is a normal good, an increase in consumer income will cause an tomato juice and a(n) C. demand for; decrease supply of; decrease 7. increase in the d. demand for; increase a. supply of, increase b. and the equilibrium quantity of tortillas to c. Ceteris paribus, an increase in the demand for tortillas causes the equilibrium price 8. decrease; increase decrease; decrease tortillas to increase; increase increase; decrease a. d. b. Assume teenagers in a town can either babysit or rake leaves to earn money on the weekends. Ceteris paribus, if the price paid for an hour of babysitting increases relative to the price paid for an hour of leaf raking, then: the supply of teens available to rake leaves is likely to decrease. the supply of teens available to baby sit is likely to decrease. the demand for baby sitting is likely to increase. the demand for leaf raking is likely to decrease. 9. a. b. C. d. 10. Technological improvements that reduce the cost of manufacturing smaller personal computers combined with an increase in the demand for smaller personal computers results in an increase in equilibrium: quantity, but no change in equilibrium price. price, but no change in equilibrium quantity. quantity, but the change in equilibrium price depends on the size of the shifts. price, but the change in equilibrium quantity depends on the size of the shifts. a. b. C. d. 4 Assignments 68
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