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What's In In the following situations, identify whether there is an increase or decrease in price, demand or supply. 1. If the price increases, the demand will 2. If the price increases, the supply will 3. The increase in the number of substitutes/alternative products will result in in demand and (4.) in price. 5. The use of technology in production will cause in supply and (6.) in price. 7. Surplus may cause price to 8. Shortage may cause price to 9. Increase in income may 10. Increase in the cost of production (cost of raw materials and labor) may result in demand. in supply. 11. The price of coffee is expected to increase next week, the demand for coffee this week is expected to 12. The demand for umbrellas during rainy season. 13. The price of product A increases so the demand for product will 14. Because of the presence of internet, DVDS now are out of the trend so the demand for it 15. The demand for vitamin C increases so the price its complementary

What's In In the following situations, identify whether there is an increase or decrease in price, demand or supply. 1. If the price increases, the demand will 2. If the price increases, the supply will 3. The increase in the number of substitutes/alternative products will result in in demand and (4.) in price. 5. The use of technology in production will cause in supply and (6.) in price. 7. Surplus may cause price to 8. Shortage may cause price to 9. Increase in income may 10. Increase in the cost of production (cost of raw materials and labor) may result in demand. in supply. 11. The price of coffee is expected to increase next week, the demand for coffee this week is expected to 12. The demand for umbrellas during rainy season. 13. The price of product A increases so the demand for product will 14. Because of the presence of internet, DVDS now are out of the trend so the demand for it 15. The demand for vitamin C increases so the price its complementary

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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Uf demand, most of the time we consider the selling price of an item before deciding to buy it. For sellers, for sure, they want to produce more of their products if the price is high to yield more profit, but they will also consider the possibility of losing some customers because of setting higher price. What's In In the following situations, identify whether there is an increase or decrease in price, demand or supply. 1. If the price increases, the demand will 2. If the price increases, the supply will 3. The increase in the number of substitutes/alternative products will result in in demand and (4.) in price. 5. The use of technology in production will cause in supply and (6.) in price. 7. Surplus may cause price to 8. Shortage may cause price to 9. Increase in income may 10. Increase in the cost of production (cost of raw materials and labor) may result in demand. in supply. 11. The price of coffee is expected to increase next week, the demand for coffee this week is expected to 12. The demand for umbrellas 13. The price of product A increases so the demand for its complementary product will 14. Because of the presence of internet, DVDS now are out of the trend so the demand for it 15. The demand for vitamin C increases so the price during rainy season.
Transcribed Image Text:Uf demand, most of the time we consider the selling price of an item before deciding to buy it. For sellers, for sure, they want to produce more of their products if the price is high to yield more profit, but they will also consider the possibility of losing some customers because of setting higher price. What's In In the following situations, identify whether there is an increase or decrease in price, demand or supply. 1. If the price increases, the demand will 2. If the price increases, the supply will 3. The increase in the number of substitutes/alternative products will result in in demand and (4.) in price. 5. The use of technology in production will cause in supply and (6.) in price. 7. Surplus may cause price to 8. Shortage may cause price to 9. Increase in income may 10. Increase in the cost of production (cost of raw materials and labor) may result in demand. in supply. 11. The price of coffee is expected to increase next week, the demand for coffee this week is expected to 12. The demand for umbrellas 13. The price of product A increases so the demand for its complementary product will 14. Because of the presence of internet, DVDS now are out of the trend so the demand for it 15. The demand for vitamin C increases so the price during rainy season.
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