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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

The demand for milk in the US will decline because of the demand factor.

Step by step solution

01

Step 1.Demand curve behavior.

A demand curve is basically a line that represents various points on a graph where the price of an item is lined up with the quantity demanded.

A demand curve shifts inward when the demand for a product decreases and shifts outward when the demand increases.

02

Step 2.Explanation

as given in the question that the aging population of the US is increasing due to demographic changes, the demand for milk will decline because as compared to old person children and teens consume more milk so the demand for milk will decline. and the demand curve will shift inwards as demand decreases.

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