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Thinking about the market for waffles from the previous question, describe what would happen to the equilibrium price and quantity for waffles if the following events occur. Treat each event as a separate occurrence. In other words these events are not happening at the same time. For each question simply write "up" or "down" in the answer box. Any response other than "up" or "down" will result in an incorrect answer. Event 1: There is a shortage of maple syrup causing the price to rise significantly. Will the equilibrium price of waffles go up or down in response to an increase in the price of maple syrup? Will the equilibrium quantity of waffles go up or down in response to an increase in the quantity of maple syrup? Event 2: A study reveals that people who eat waffles at least once a week live longer and have fewer health problems. Will the equilibrium price of waffles go up or down after this study is released? Will the equilibrium quantity of waffles go up or down after this study is released?

Thinking about the market for waffles from the previous question, describe what would happen to the equilibrium price and quantity for waffles if the following events occur. Treat each event as a separate occurrence. In other words these events are not happening at the same time. For each question simply write "up" or "down" in the answer box. Any response other than "up" or "down" will result in an incorrect answer. Event 1: There is a shortage of maple syrup causing the price to rise significantly. Will the equilibrium price of waffles go up or down in response to an increase in the price of maple syrup? Will the equilibrium quantity of waffles go up or down in response to an increase in the quantity of maple syrup? Event 2: A study reveals that people who eat waffles at least once a week live longer and have fewer health problems. Will the equilibrium price of waffles go up or down after this study is released? Will the equilibrium quantity of waffles go up or down after this study is released?

Brief Principles of Macroeconomics (MindTap Course List)
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter4: The Market Forces Of Supply And Demand
Section: Chapter Questions
Problem 10PA
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Thinking about the market for waffles from the previous question, describe what would happen to the equilibrium price and quantity for waffles if the following events occur. Treat each event as a separate occurrence. In other words these events are not happening at the same time. For each question simply write "up" or "down" in the answer box. Any response other than "up" or "down" will result in an incorrect answer. Event 1: There is a shortage of maple syrup causing the price to rise significantly. Will the equilibrium price of waffles go up or down in response to an increase in the price of maple syrup? Will the equilibrium quantity of waffles go up or down in response to an increase in the quantity of maple syrup? Event 2: A study reveals that people who eat waffles at least once a week live longer and have fewer health problems. Will the equilibrium price of waffles go up or down after this study is released? Will the equilibrium quantity of waffles go up or down after this study is released?
Transcribed Image Text:Thinking about the market for waffles from the previous question, describe what would happen to the equilibrium price and quantity for waffles if the following events occur. Treat each event as a separate occurrence. In other words these events are not happening at the same time. For each question simply write "up" or "down" in the answer box. Any response other than "up" or "down" will result in an incorrect answer. Event 1: There is a shortage of maple syrup causing the price to rise significantly. Will the equilibrium price of waffles go up or down in response to an increase in the price of maple syrup? Will the equilibrium quantity of waffles go up or down in response to an increase in the quantity of maple syrup? Event 2: A study reveals that people who eat waffles at least once a week live longer and have fewer health problems. Will the equilibrium price of waffles go up or down after this study is released? Will the equilibrium quantity of waffles go up or down after this study is released?
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