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Describe the probable shifts in the demand curves for Airplane trips when airlines’ on-time performance improves Automobiles when airplane fares double Automobiles when gasoline prices double Electricity when the average temperature in the United States rises during a particular year ( Note : The demand curve for electricity in Maine and the demand curve for electricity in Florida should respond in different ways. Why?)

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Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992

Solutions

Chapter
Section
BuyFindarrow_forward

Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992
Chapter 6, Problem 2TY
Textbook Problem
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Describe the probable shifts in the demand curves for

  1. Airplane trips when airlines’ on-time performance improves
  2. Automobiles when airplane fares double
  3. Automobiles when gasoline prices double
  4. Electricity when the average temperature in the United States rises during a particular year (Note: The demand curve for electricity in Maine and the demand curve for electricity in Florida should respond in different ways. Why?)

To determine

(a)

Shift in demand curve for airplane trips, when airlines on-time performance improves.

Explanation of Solution

A demand curve observes a leftward/rightward shift when factors other than the price lead to decrease/increase in quantity demanded.

Here, performance improvement will increase the demand for airlines.

Due to on-time performance improvement of airlines, people will increase their demand for airplane trips...

To determine

(b)

Shifts in demand curve for automobiles, when airplane fares double.

To determine

(c)

Shifts in demand curve for automobiles, when gasoline prices double.

To determine

(d)

Shift in demand curve for electricity, when average temperature in the US rises.

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