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Chapter 3: Q.40 (page 79)

How do you suppose the demographics of an aging population of “Baby Boomers” in the United States will affect the demand for milk? Justify your answer.

Short Answer

Expert verified

Demand would decrease.

Step by step solution

01

Concept of Aging Population

An aging population can be referred to as an expansion in the number of senior individuals in the arrangement of the population. That indicates while compared with the entire population, the ratio of senior citizens is extremely high.

02

Step 2:Demand of milk in US

The considerable rise in the aging population driven by the demographic differences in the U.S will result in a decrease in the need for milk in the U.S. This is because milk is less consumed by older people and more consumed by children. Thus the demand curve shifts left.

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Most popular questions from this chapter

If the price is above the equilibrium level, would you predict a surplus or a shortage? If the price is below the equilibrium level, would you predict a surplus or a shortage? Why?

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