1- How would each of the following affect the U.S. market supply curve for corn? a. A new and improved crop rotation technique is discovered. b. The price of fertilizer falls. d. A tornado sweeps through Iowa.
1- How would each of the following affect the U.S. market supply curve for corn? a. A new and improved crop rotation technique is discovered. b. The price of fertilizer falls. d. A tornado sweeps through Iowa.
Chapter1: Making Economics Decisions
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Transcribed Image Text:1- How would each of the following affect the U.S. market supply curve for corn?
a. A new and improved crop rotation technique is discovered.
b. The price of fertilizer falls.
d. A tornado sweeps through Iowa.
2- Indicate how you think each of the following would shift demand in the indicated
market:
a. The incomes of buyers in the market for Adirondack yacations increases.
b. Buyers in the market for pizza read a study linking pepperoni consumption to
heart disease.
c. Buyers in the market for CDs learn of an increase in the price of downloadable
MP3S (a substitute for CDs).
d. Buyers in the market for CDs learn of an increase in the price of CDs.
3- State whether the following pairs of goods are complements, orhtitutes, or both.
Zoom
a. Washing machines and dryers.
b. Tennis rackets and tennis balls.
c. Ice cream and chocolate.
d. Cloth diapers and disposable diapers.
4- What will happen to the equilibrium price and quantity in the corn tortilla chip market
if both of the following events occur: (1) researchers discover that a vitamin found
in corn helps protect against cancer and heart disease and (2) a swarm of locusts
destroys part of the corn crop?
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