EBK ECONOMICS: PRINCIPLES AND POLICY
EBK ECONOMICS: PRINCIPLES AND POLICY
13th Edition
ISBN: 8220100605932
Author: Blinder
Publisher: Cengage Learning US
Question
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Chapter 4, Problem 6TY

(a)

To determine

The change in supply curve of cell phone.

(b)

To determine

The changes in the market for smart phone.

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Consider the markets for film streaming services, TV screens, and tickets at movie theaters. a. For each pair, identify whether they are complements or substitutes: Film streaming and TV screens Film streaming and movie tickets TV screens and movie tickets b. Suppose a technological advance reduces the cost of manufacturing TV screens. Draw a diagram to show what happens in the market for TV screens. c. Draw two more diagrams to show how the change in the market for TV screens affects the markets for film streaming and movie tickets.
Other things equal, which of the following would NOT shift the supply curve for gasoline? Select one: a. an increase in the price of gasoline. b. an improvement in refining techniques that allows more gasoline to be squeezed out of a barrel of crude oil c. a fall in the price of crude oil (from which gasoline is refined) d. an increase in the wages paid to people working in oil refineries.
a. Use supply and demand to graphically illustrate the equilibrium price and quantity of Pizza Hut pizza.                                  b. Assume the price of Domino’s pizza increases. Domino’s and Pizza Hut may be viewed as substitutes. Illustrate and explain how the equilibrium market for Pizza Hut pizza will change.
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