Question 1a Carefully explain what is happening in the following markets. Indicate the impact if any on demand, supply, price and quantity: (a) In Academic year 2020/21, the University of the West Indies mandates that all students must take Principles of Economics as a core requirement for their majors. Concurrently, The University Bookshop made their order for Principles of Economics textbook based on the number of registered students in the last academic year (2019/20). Impact on supply Choose. Impact on price Choose.
Question 1a Carefully explain what is happening in the following markets. Indicate the impact if any on demand, supply, price and quantity: (a) In Academic year 2020/21, the University of the West Indies mandates that all students must take Principles of Economics as a core requirement for their majors. Concurrently, The University Bookshop made their order for Principles of Economics textbook based on the number of registered students in the last academic year (2019/20). Impact on supply Choose. Impact on price Choose.
Chapter5: Markets In Motion And Price Controls
Section: Chapter Questions
Problem 10P
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Transcribed Image Text:Question 1a
Carefully explain what is happening in the following markets. Indicate the impact if any on demand, supply,
price and quantity:
(a) In Academic year 2020/21, the University of the West Indies mandates that all students must take
Principles of Economics as a core requirement for their majors. Concurrently, The University Bookshop made
their order for Principles of Economics textbook based on the number of registered students in the last
academic year (2019/20).
Impact on supply
Choose.
Impact on price
Choose.
Impact on quantity Choose.
Impact on demand
Choose.
Transcribed Image Text:Question 1b
Carefully explain what is happening in the following markets. Indicate the impact if any on demand, supply,
price and quantity:
(b) The prices of inputs for the production of BrandX handbags have increased. Concurrently, taste and
preferences has favoured this brand of handbag in the last 4 markets periods.
Impact on demand
Choose.
Impact on supply
Choose.
Impact on price
Choose.
Impact on quantity
Choose.
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