The following graph shows the market for cereal in Detroit, where there are over 1,000 stores that sell cereal at any given moment. Suppose the municipal government sharply increases local taxes, making it significantly more expensive to reside in Detroit. Many residents decide to leave the city altogether for areas with lower local taxes. Show the effect of this change on the market for cereal by shifting one or both of the curves on the following graph, holding all else constant. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. PRICE (Dollars per box) QUANTITY (Boxes) Supply Demand Demand If cereal is a normal good, this will cause the demand for cereal to Supply Now suppose Congress passes a new tax that decreases the income of Detroit residents.

The following graph shows the market for cereal in Detroit, where there are over 1,000 stores that sell cereal at any given moment. Suppose the municipal government sharply increases local taxes, making it significantly more expensive to reside in Detroit. Many residents decide to leave the city altogether for areas with lower local taxes. Show the effect of this change on the market for cereal by shifting one or both of the curves on the following graph, holding all else constant. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. PRICE (Dollars per box) QUANTITY (Boxes) Supply Demand Demand If cereal is a normal good, this will cause the demand for cereal to Supply Now suppose Congress passes a new tax that decreases the income of Detroit residents.

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter7: Demand And Supply

Section: Chapter Questions

Problem 20AA

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