Macroeconomics
13th Edition
ISBN: 9780134744452
Author: PARKIN, Michael
Publisher: Pearson,
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Question
Chapter 3, Problem 9SPA
a)
To determine
The market for gum.
b)
To determine
The market for gum.
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Four students from your economics class are sitting in a local restaurant discussing the market for coffee. Below are quotes from each of the four students. All of the following quotes are logically correct except one. Which quote indicates incorrect economic analysis?
A. Nicholas: "If Brazil is hit hard by such a severe freeze that half of its crop is wiped out, then the price of coffee will probably rise."
B. Kendra: "If the price of caffeinated soft drinks such as Mountain Dew went down, then consumer demand for coffee would go down since they're substitutes for each other."
C. Sergei: "If the demand for coffee were to increase, then I would expect the price to rise, which would then cause the demand to fall back down to its original position."
D. Tasha: "If coffee drinkers expect the price of coffee to rise next month, then current demand will go up and lead to a price increase this month."
Draw a supply and demand curve in which you label price axis, quantity axis, supply curve, demand curve, and equilibrium point. Upload your photo as an image to the discussion forum.
Add a brief discussion about what the equilibrium point in economics means.
Chapter 3 Solutions
Macroeconomics
Ch. 3.1 - Prob. 1RQCh. 3.1 - Prob. 2RQCh. 3.1 - Prob. 3RQCh. 3.2 - Prob. 1RQCh. 3.2 - Prob. 2RQCh. 3.2 - Prob. 3RQCh. 3.2 - Prob. 4RQCh. 3.2 - Prob. 5RQCh. 3.3 - Prob. 1RQCh. 3.3 - Prob. 2RQ
Ch. 3.3 - Prob. 3RQCh. 3.3 - Prob. 4RQCh. 3.3 - Prob. 5RQCh. 3.4 - Prob. 1RQCh. 3.4 - Prob. 2RQCh. 3.4 - Prob. 3RQCh. 3.4 - Prob. 4RQCh. 3.4 - Prob. 5RQCh. 3.5 - Prob. 1RQCh. 3.5 - Prob. 2RQCh. 3.5 - Prob. 3RQCh. 3 - Prob. 1SPACh. 3 - Prob. 2SPACh. 3 - Prob. 3SPACh. 3 - Prob. 4SPACh. 3 - Prob. 5SPACh. 3 - Prob. 6SPACh. 3 - Prob. 7SPACh. 3 - Prob. 8SPACh. 3 - Prob. 9SPACh. 3 - Prob. 10SPACh. 3 - Prob. 11APACh. 3 - Prob. 12APACh. 3 - Prob. 13APACh. 3 - Prob. 14APACh. 3 - Prob. 15APACh. 3 - Prob. 16APACh. 3 - Prob. 17APACh. 3 - Prob. 18APACh. 3 - Prob. 19APACh. 3 - Prob. 20APACh. 3 - Prob. 21APACh. 3 - Prob. 22APACh. 3 - Prob. 23APACh. 3 - Prob. 24APACh. 3 - Prob. 25APACh. 3 - Prob. 26APACh. 3 - Prob. 27APA
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Similar questions
- In an analysis of the market for paint, an economist discovers the facts listed below. State whether each of these changes will affect supply or demand, and in what direction. There have recently been some important cost-saving inventions in the technology for making paint. Paint is lasting longer so that property owners need not repaint as often. Because of severe hailstorms, many people need to repaint now. The hailstorms damaged several factories that make paint, forcing them to close down for several months.arrow_forwardWhat does the following mean: “Nothing in life is free”? Illustrate this point. (Do not use a demand and supply diagram.)arrow_forward
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