10. What factors can change demand? What factors can change quantity demanded? 11. When a person goes to the grocery store to buy food, there is no auctioneer calling out prices for bread a other items, Therefore, supply and demand cannot be operative. Do you agree or disagree? Explain your angwe 12. The price of a given-quality personal computer is lower today than it was five years ago. Is this necessarily the recuk of a lower demand for computers? Explain your answer. 13. What is the effect on equilibrium price and quantity of the following? a. A decrease in demand that is greater than the increase in supply b. An increase in supply c. A decrease in supply that is greater than the increase in demand d. A decrease in demand

10. What factors can change demand? What factors can change quantity demanded? 11. When a person goes to the grocery store to buy food, there is no auctioneer calling out prices for bread a other items, Therefore, supply and demand cannot be operative. Do you agree or disagree? Explain your angwe 12. The price of a given-quality personal computer is lower today than it was five years ago. Is this necessarily the recuk of a lower demand for computers? Explain your answer. 13. What is the effect on equilibrium price and quantity of the following? a. A decrease in demand that is greater than the increase in supply b. An increase in supply c. A decrease in supply that is greater than the increase in demand d. A decrease in demand

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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