Answered: Which of the following condition will…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Which of the following condition will shift the demand of the product to the right? (Check all that apply)

Group of answer choices

Assume the product is a normal good and the overall population income increases.

After FDA announced that all apples from California need to recall because it is related to a serious health risk, the demand for California apples changes in the market.

An economist predicts the future oil price will increase 30% in three months, so the demand for oil changes.

When the price of a complement goods increases in the market.

During the pandemic people are moving out of California, so the demand for Uber in California changes.

Expert Solution

Step 1: Explanation for the first situation.

As the income of the population increases then the the demand for the normal good would increase which would shift the demand curve upwards. As income rises the purchasing power of the population rises and so would demand.

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