Which one of the following will not give rise to a decrease in the demand for butter, illustrated by a leftward shift of the demand curve? A. An increase in the price of butter. B. A decrease in consumers’ incomes. C. A decrease in the number of consumers in the market. D. A decrease in the price of margarine (a substitute). E. A research finding which indicates that butter is bad for your health.

When the price of butter was "low," consumers spent $5 billion annually on its consumption. When the price doubled, consumer expenditures increased to $7 billion. Recently you read that this means that the demand curve for butter is upward sloping (i. e., price and quantity demanded are directly related, as price increases, quantity demanded also increases). Do you agree? Explain.

Suppose that the table on the right shows the quantity demanded of UGG boots at five different prices in 2014 and in 2015. Which of the following variables could cause the quantity demanded of UGG boots to change as indicated from 2014 to 2015? (Check all that apply.) A. An increase in the price of UGG boots B. A decrease in the price of a substitute good C. A decrease in the number of buyers D. The expectation that UGG boots will rise in price Price $160 170 180 190 200 Quantity Demanded 2014 5000 4500 4000 3500 3000 Quantity Demanded 2015 4000 3500 3000 2500 2000

Draw and label a graph that depicts a linear, downward-sloping demand curve for beef brisket. Assume that when Walmart increases the price of beef brisket the revenue from sales of beef brisket increases. Assume that the demand for brisket does not change (the demand curve does not shift). Is the demand for beef brisket price-elastic or price-inelastic?