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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

Suppose the price of gasoline is \(1.60 per gallon. Is the quantity demanded higher or lower than at the equilibrium price of \)1.40 per gallon? What about the quantity supplied? Is there a shortage or a surplus in the market? If so, how much?

We know that a change in the price of a product causes a movement along the demand curve. Suppose consumers believe that prices will be rising in the future. How will that affect demand for the product in the present? Can you show this graphically?

A low-income country decides to set a price ceiling on bread so it can make sure that bread is affordable to the poor. Table 3.11 provides the conditions of demand and supply. What are the equilibrium price and equilibrium quantity before the price ceiling? What will the excess demand or the shortage (that is, quantity demanded minus quantity supplied) be if the price ceiling is set at \(2.40? At \)2.00? At $3.60?

Explain why the following statement is false: “In the goods market, no buyer would be willing to pay more than the equilibrium price.”

Name some factors that can cause a shift in the

supply curve in markets for goods and services.
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