In the market for jeans, which of the following events increases the demand for a pair of jeans? А. New technology reduces the time it takes to make a pair of jeans. В. The price of a denim skirt (a substitute for jeans) rises. C. The wage rate paid to garment workers rises. D. The price of denim cloth falls B.

In the market for jeans, which of the following events increases the demand for a pair of jeans? А. New technology reduces the time it takes to make a pair of jeans. В. The price of a denim skirt (a substitute for jeans) rises. C. The wage rate paid to garment workers rises. D. The price of denim cloth falls B.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section4.4: Supply And Demand Together

Problem 4QQ

See similar textbooks

Similar questions

FOR each of the following events describe in words what happens to the suply, demand, quantity supplied, quantity demanded in the market for new cars 1 the raju auto workers get a large raise 2 a new technology is introduced in the factory 3 the government subsidizes bus tickets resulting in a large reduction in the cost of a bus ticket 4 real income grow and new cars are a normal good 5 there is machinery break down in the industry
In the country of Solow, people buy only three things: food, rent, and luxury goods. Last year, the price of luxury goods went down, and the price of rent increased five percent. Overall CPI inflation increased 10%. What happened to the price of food? a) The price of food increased by exactly 10% b) The price of food increased by more than 10% c) The price of food increased by between 5% and 10% d) The price of food must have gone down e) None of these choices are correct
Which of the following is the relation that the law of demand defines? a) Income and price of a commodity b) Price and quantity of a commodity c) Income and quantity demanded d) Quantity demanded and quantity supplied
"Assume that the price of crisps rises while the equilibrium quantity falls. Explain in each of the following cases whether they are true, false or uncertain and argue with respect to the statement made: a. An increase in the price of onion rings (a substitute for potato crisps) b. A fall in the price of onion rings. c. An increase in the price of potato bread (production-side substitute for potato crisps). d. A fall in the price of potato bread.
In the United States, grain has many uses. These include food (directly and indirectly), fuel, and exportation. Since 2001, the growing demand for grain has resulted in a double price of farmland in Iowa, Nebraska, South Dakota, and Wyoming. How does the growing price of grain affect the market for farmland? How might farmers meet the growing demand for grain without having to use a greater quantity of land?
The 2019/20 Australia Bushfires affected food production nearly in New South Wales, Queensland and Victoria that are regarded as the food basket for Australia. Assume that before, the bushfire, in 2017/18 Australia produced 80,000 metric tons. Also, assuime that after the bushfire devastation in 2019/20 Australia produced 50,000 metric tons of rice. Finally, assume that during the same period 2017/18 and 2019/20 the price rice in Australia rose from AUD 1.75 per kg to AUD 3.00 per kg respectively. Use the Demand and Supply Model below to answer the questions that follow. Q. Use the mid-point approach to calculate the price elasticity of demand for rice in Australia.
The 2019/20 Australia Bushfires affected food production nearly in New South Wales, Queensland and Victoria that are regarded as the food basket for Australia. Assume that before, the bushfire, in 2017/18 Australia produced 80,000 metric tons. Also, assuime that after the bushfire devastation in 2019/20 Australia produced 50,000 metric tons of rice. Finally, assume that during the same period 2017/18 and 2019/20 the price rice in Australia rose from AUD 1.75 per kg to AUD 3.00 per kg respectively. Explain the impact of the bushfires on the rice market in New South Wales with Demand and Supply model.
The 2019/20 Australia Bushfires affected food production nearly in New South Wales, Queensland and Victoria that are regarded as the food basket for Australia. Assume that before, the bushfire, in 2017/18 Australia produced 80,000 metric tons. Also, assuime that after the bushfire devastation in 2019/20 Australia produced 50,000 metric tons of rice. Finally, assume that during the same period 2017/18 and 2019/20 the price rice in Australia rose from AUD 1.75 per kg to AUD 3.00 per kg respectively. Use the Demand and Supply Model below to answer the questions that follow. *Picture attached. 1.Use the Demand and Supply Model above to explain the impact of the bushfires on the rice market in New South Wales. 2.Use the mid-point approach to calculate the price elasticity of demand for rice in Australia. 3.What is the price elasticity of demand for rice? Based on your answer, is rice a necessity commodity? Explain your answer.
The 2019/20 Australia Bushfires affected food production nearly in New South Wales, Queensland and Victoria that are regarded as the food basket for Australia. Assume that before, the bushfire, in 2017/18 Australia produced 80,000 metric tons. Also, assuime that after the bushfire devastation in 2019/20 Australia produced 50,000 metric tons of rice. Finally, assume that during the same period 2017/18 and 2019/20 the price rice in Australia rose from AUD 1.75 per kg to AUD 3.00 per kg respectively. 1. Use the mid-point approach to calculate the price elasticity of demand for rice in Australia. 2. What is the price elasticity of demand for rice? Based on your answer, is rice a necessity commodity? Explain your answer.
Suppose BMW runs a great ad campaign that increases demand and drives up the price of BMWs. Which of the following do you expect to happen to the equilibrium price and quantity of BMW labor? Pick one of the following: The equilibrium price (wage) and quantity of labor will both decrease. The equilibrium price (wage) will increase while the quantity of labor will decrease. The equilibrium price (wage) will decrease while the quantity of labor will increase. The equilibrium price (wage) and quantity of labor will both increase.
what happen to equilibrium price and quantity in the following situation? in the market for coca-cola, the price of pepsi, as subtitute, increase at the same time wages paid to worker at coca-cola increase. in the market for lectture, the goverment raises the current market price above equilibrium, and it cannot change meaning the price adjust without a shift in either curve.
If we are at Meat Market, explain what will happen to equilibrium price (Pe) and equilibrium quantity (Qe) in the following cases: Increase the price of meat The price of chickens declined by 50% World health organization (WHO) announced that eating too much meat is unhealthy. Government raised the wages of labors in meat factories Meat factories imported new machines from Japan