Bundle: Principles of Microeconomics, Loose-Leaf Version, 7th + Principles of Macroeconomics, Loose-Leaf Version, 7th + MindTap Economics, 2 terms (12 ... for Mankiw’s Principles of Economics, 7th
7th Edition
ISBN: 9781337380300
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 4, Problem 6CQQ
To determine
Change in equilibrium price and quantity.
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Which of the following might lead to an increase in the equilibrium price of jelly and adecrease in the equilibrium quantity of jelly sold?a. an increase in the price of peanut better , a complement to jellyb. an increase in the price of plum preserves a substitute for jellyc. an increase in the price of grapes, an input into jellyd . an increase in consumers’ incomes, as long as jelly is a normal good
Which of the following would NOT decrease the demand for steak?
A. a fall in the price of chicken (a substitute)
B. a rise in the price of steak
C. a rise in the price of potatoes (a complement)
D. a decrease in consumer income (assume steak is a normal good)
E. all of the above WILL decrease the demand for steak
10.
Suppose that an early frost damages the Florida orange crop. As a result, the price of California oranges
increases. Ceteris paribus, which one of the following statements best explains this situation?
The supply of Florida oranges decreased, causing the supply of California oranges to decrease, which resulted in a higher price.
The supply of Florida oranges decreased, causing their price to increase, and thus causing the demand for California oranges to
increase.
The supply of Florida oranges decreased, causing the supply of California oranges to increase, which resulted in a higher price.
The demand for Florida oranges fell because of the freeze, and this led to a higher demand for California oranges.
Chapter 4 Solutions
Bundle: Principles of Microeconomics, Loose-Leaf Version, 7th + Principles of Macroeconomics, Loose-Leaf Version, 7th + MindTap Economics, 2 terms (12 ... for Mankiw’s Principles of Economics, 7th
Ch. 4.1 - Prob. 1QQCh. 4.2 - Prob. 2QQCh. 4.3 - Prob. 3QQCh. 4.4 - Prob. 4QQCh. 4 - Prob. 1CQQCh. 4 - Prob. 2CQQCh. 4 - Prob. 3CQQCh. 4 - Prob. 4CQQCh. 4 - Prob. 5CQQCh. 4 - Prob. 6CQQ
Ch. 4 - Prob. 1QRCh. 4 - Prob. 2QRCh. 4 - Prob. 3QRCh. 4 - Prob. 4QRCh. 4 - Prob. 5QRCh. 4 - Prob. 6QRCh. 4 - Prob. 7QRCh. 4 - Prob. 8QRCh. 4 - Prob. 9QRCh. 4 - Prob. 1PACh. 4 - Prob. 2PACh. 4 - Consider the market for minivans. For each of the...Ch. 4 - Prob. 4PACh. 4 - Prob. 5PACh. 4 - Prob. 6PACh. 4 - Prob. 7PACh. 4 - Prob. 8PACh. 4 - Prob. 9PACh. 4 - Prob. 10PACh. 4 - Prob. 11PA
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