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Problem 1. Indicate how the stated changes affect the market equilibrium. Draw the supply and demand dispram to illustrate the changes. In each case, write a one-sentence explanstion. P P 3) The market for new cars: consumers'income taxes decrease. b) The market for plane tickets: a study reveals the quality of cheap bus services has decreased. ©) The coffee market: a drought in Sri Lanka zeverely decreases the tea crop. d) The US market for lobaters: China puts a ban on the imports of seafood from the US.

Problem 1. Indicate how the stated changes affect the market equilibrium. Draw the supply and demand dispram to illustrate the changes. In each case, write a one-sentence explanstion. P P 3) The market for new cars: consumers'income taxes decrease. b) The market for plane tickets: a study reveals the quality of cheap bus services has decreased. ©) The coffee market: a drought in Sri Lanka zeverely decreases the tea crop. d) The US market for lobaters: China puts a ban on the imports of seafood from the US.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Problem 1. Indicate how the stated changes affect the market cquilibrium. Draw the supply and demand diagram to illustrate the changes. In each case, write a one-sentence explanation. P P P 3) The market for new cars: consumers' income taxes decrease. b) The market for plane tickets: a study reveals the quality of cheap bus services has decreased. c) The coffee market: a drought in Sri Lanka severely decreases the tea crop. d) The US market for lobsters: China puts a ban on the imports of seafood from the US.
Transcribed Image Text:Problem 1. Indicate how the stated changes affect the market cquilibrium. Draw the supply and demand diagram to illustrate the changes. In each case, write a one-sentence explanation. P P P 3) The market for new cars: consumers' income taxes decrease. b) The market for plane tickets: a study reveals the quality of cheap bus services has decreased. c) The coffee market: a drought in Sri Lanka severely decreases the tea crop. d) The US market for lobsters: China puts a ban on the imports of seafood from the US.
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