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Chapter 3: Q. e - For Critical Thinking (page 64)
What do you suppose has happened to the positions of the supply curves in the markets for commodities such as almonds,apples,cotton,oranges,grapes,lemons,rice,and walnuts?
Fall in supply.
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What has happened to the position of the U.S. market demand curve for
chewing gum?Explain briefly.
Identify which of the following would generate an increase in the market demand for tablet devices, which are normal goods.
a. A decrease in the incomes of consumers of tablet devices
b. An increase in the price of ultrathin computers, which are substitutes
c. An increase in the price of online apps,which are complements
d. An increase in the number of consumers in the market for tablet devices
Give an example of a complement and substitute in consumption for each of the following items.
a.Bacon
b.Tennis racquets
c.Coffee
d.Automobiles
What are the effects of a price decrease from \(4 per portable power bank to \)2 per portable power bank on the quantities of portable power banks demanded by buyer 1 and by buyer 2 individually and combined?
In Fig 3-2, the current position of the demand curve is D1, and the price of a portable power bank is $3. If there is an increase in the price of tablet devices that are complements to portable power banks, will the demand curve shift to D2 or to D3? What is the change in the amount of portable power banks demanded?
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