Answered: Explain whether each of the following…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 4SCQ: Many changes are affecting the market for oil. Predict how each of the following events will affect...

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Question

Explain whether each of the following statements describes a change in demand or a
change in quantity demanded. Illustrate the appropriate change and specify whether
each change represents an increase or a decrease.
a. Payless Shoe Source sees a 35 per cent increase in sales of its athletic shoes
during a 1 week, half-price sale.
b. Aisha receives a demotion which results in a cut in her salary and she is no
longer able purchase her usual fruit for the week.
c. When the price of chicken unexpectedly rises, many consumers choose to
purchase corned beef instead.
d. Given the existing problems with its airbag system, Honda Motors has
experienced a decline in sales of its Accord automobile.
e. Ian, a manager at Kiddles Supermarket, decides to forego his vacation to New
York when he learns that all employees’ salaries will be cut by 5 percent at the
end of the month.

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