1.)Given the products below and the events that affect them, indicate whathappens to demand and/or supply, and the equilibrium price and quantity. In eachspace, indicate whether the event shifts demand (D) and/or supply (S), and whetherit is an increase (1) or decrease (1) in the curve. Then, indicate whether price (P)increases (1) or decreases (1), and whether quantity (Q) increases (1)or decreases (1). If the outcome is indeterminate, use "?". If nothing happens,leave the space blank.(a)(b)(c)(d)(e)Products and Events.Blue jeans. Blue jeansbecome more popular.Apples. The price oforanges, a substitute forapples, goes down.Economics textbooks.Textbook authors receive anincrease in the amount theyare paid per textbook sold.Soda. The price of sugar,an input in soda, increases.College courses.Instructors' wages increase.DSPQ

The demand curve is the graphical representation of different quantities of commodities that the…

(a) (b) (c) (d) (e) Products and Events Blue jeans. Blue jeans become more popular. Apples. The price of oranges, a substitute for apples, goes down. Economics textbooks. Textbook authors receive an increase in the amount they are paid per textbook sold. Soda. The price of sugar, an input in soda, increases. College courses. Instructors' wages increase. D S P Q

(a) (b) (c) (d) (e) Products and Events Blue jeans. Blue jeans become more popular. Apples. The price of oranges, a substitute for apples, goes down. Economics textbooks. Textbook authors receive an increase in the amount they are paid per textbook sold. Soda. The price of sugar, an input in soda, increases. College courses. Instructors' wages increase. D S P Q

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

1.)
Given the products below and the events that affect them, indicate what
happens to demand and/or supply, and the equilibrium price and quantity. In each
space, indicate whether the event shifts demand (D) and/or supply (S), and whether
it is an increase (1) or decrease (1) in the curve. Then, indicate whether price (P)
increases (1) or decreases (1), and whether quantity (Q) increases (1)
or decreases (1). If the outcome is indeterminate, use "?". If nothing happens,
leave the space blank.
(a)
(b)
(c)
(d)
(e)
Products and Events.
Blue jeans. Blue jeans
become more popular.
Apples. The price of
oranges, a substitute for
apples, goes down.
Economics textbooks.
Textbook authors receive an
increase in the amount they
are paid per textbook sold.
Soda. The price of sugar,
an input in soda, increases.
College courses.
Instructors' wages increase.
D
S
P
Q

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