For each of these situations, answer what happens to į) demand, ii)_supply, iii) equilibrium price and iv) equilibrium quantity v) Quantity Demanded vi) Quantity Supplied. If nothing happens, state "no change". You can also state with up, down or no change symbols as shown in the lecture video. Draw the market, meaning necessary Demand and Supply graphs, and show the shifts. a. How will an increase in income change the market for pizza, a normal product? b. How will an decrease in supply of Coke affect the market for both Coke and Pepsi.? Assume Coke and Pepsi are substitute products. c. The government were to impose an effective price (rent) ceiling on housing. How will it affect the housing market in question?

For each of these situations, answer what happens to į) demand, ii)_supply, iii) equilibrium price and iv) equilibrium quantity v) Quantity Demanded vi) Quantity Supplied. If nothing happens, state "no change". You can also state with up, down or no change symbols as shown in the lecture video. Draw the market, meaning necessary Demand and Supply graphs, and show the shifts. a. How will an increase in income change the market for pizza, a normal product? b. How will an decrease in supply of Coke affect the market for both Coke and Pepsi.? Assume Coke and Pepsi are substitute products. c. The government were to impose an effective price (rent) ceiling on housing. How will it affect the housing market in question?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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