Question 2 Short Answer Graphing On notebook paper, please graph the market models and show the changes. For each of the scenarios, please indicate if the situation will increase, decrease or have no change in the market. In your analysis, be sure to include: what happens to demand or supply, the equilibrium price and equilibrium quantity, the quantity demanded or quantity supplied. Market: Generic Label Macaroni and Cheese. How will an increase in income change this market? Assume this is an inferior product? Market: Pepsi Cola. How will a decrease in the supply of Coke affect this market? Assume Coke and Pepsi are substitute products. For this question, analyze both the Coke and Pepsi markets. a. b. C. Market: Lemonade: How will the change in the cost of lemons affect this market?

Question 2 Short Answer Graphing On notebook paper, please graph the market models and show the changes. For each of the scenarios, please indicate if the situation will increase, decrease or have no change in the market. In your analysis, be sure to include: what happens to demand or supply, the equilibrium price and equilibrium quantity, the quantity demanded or quantity supplied. Market: Generic Label Macaroni and Cheese. How will an increase in income change this market? Assume this is an inferior product? Market: Pepsi Cola. How will a decrease in the supply of Coke affect this market? Assume Coke and Pepsi are substitute products. For this question, analyze both the Coke and Pepsi markets. a. b. C. Market: Lemonade: How will the change in the cost of lemons affect this market?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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