The change in price of pork and demand for beef.

Question

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Answer 1

Question

Chapter 3, Problem 1CQ

(a)

To determine

The change in price of pork and demand for beef.

(a)

Expert Solution

Explanation of Solution

An increase in the price of pork would lead to a fall in the quantity demanded of pork. This would result in an increase in the quantity demanded of beef as beef and pork are treated as substitutes by the consumers.

Economics Concept Introduction

Substitute good: Substitute goods refer to a good with a positive cross-elasticity of demand that is a good whose demand is increased when the price of another good is increased.

(b)

To determine

The change in income of the consumer and demand for beef.

(b)

Expert Solution

Explanation of Solution

An increase in the consumer income results in an increase in the quantity demanded of beef. This is due to the reason that the income of the consumer is a factor that influence the demand for a commodity.

(c)

To determine

The change in price of cattle feed and demand for beef.

(c)

Expert Solution

Explanation of Solution

An increase in the price of feed grains leads to an increase in the price of cattle fee. This implies that the cost of rearing cattle increases and this would be reflected in the price of beef. The increase in the cost of cattle rearing results in a decrease in the demand for beef. Thus, the increase in price of cattle feed leads to a fall in the demand for beef.

(d)

To determine

The outbreak of cattle disease and demand for beef.

(d)

Expert Solution

Explanation of Solution

The outbreak of cattle diseases such as mad cow or hoof- and mouth disease would lead to a fall in the demand for beef as the consumers’ preference for beef declines.

(e)

To determine

The increase in price of beef and demand for beef.

(e)

Expert Solution

Explanation of Solution

An increase in the price of beef would result in a fall in the demand for beef as stated by the law of demand.

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Euros per U.S. Doler Consider the model below, showing the supply and demand curves for the exchange market of U.S. Dollars and Euros. If the inflation rate in the U.S. increases (and in the European Union stays the same), how will that change the original equilibrium shown in the graph? 1.10- 1.00- 0.90 0.80- 0.70 0.60 0.50- 0.40- 0.30 0.20 E 4.7 48 49 50 51 52 53 54 55 56 Quantity of U.S. Dollars traded for Euros (trillionsday) O It will decrease the demand for Dollars and increase the supply, so the exchange rate decreases and the impact on the quantity traded is unknown. O It will decrease the demand for Dollars and increase the supply, so the exchange rate decreases, and the quantity traded increases. It will increase the demand for Dollars and decrease the supply, so the exchange rate decreases, and the quantity traded increases. It will increase the demand for Dollars and decrease the supply, so the exchange rate increases and the impact on the quantity traded is unknown

Answer 2

Question

Chapter 3, Problem 1CQ

(a)

To determine

The change in price of pork and demand for beef.

(a)

Expert Solution

Explanation of Solution

An increase in the price of pork would lead to a fall in the quantity demanded of pork. This would result in an increase in the quantity demanded of beef as beef and pork are treated as substitutes by the consumers.

Economics Concept Introduction

Substitute good: Substitute goods refer to a good with a positive cross-elasticity of demand that is a good whose demand is increased when the price of another good is increased.

(b)

To determine

The change in income of the consumer and demand for beef.

(b)

Expert Solution

Explanation of Solution

An increase in the consumer income results in an increase in the quantity demanded of beef. This is due to the reason that the income of the consumer is a factor that influence the demand for a commodity.

(c)

To determine

The change in price of cattle feed and demand for beef.

(c)

Expert Solution

Explanation of Solution

An increase in the price of feed grains leads to an increase in the price of cattle fee. This implies that the cost of rearing cattle increases and this would be reflected in the price of beef. The increase in the cost of cattle rearing results in a decrease in the demand for beef. Thus, the increase in price of cattle feed leads to a fall in the demand for beef.

(d)

To determine

The outbreak of cattle disease and demand for beef.

(d)

Expert Solution

Explanation of Solution

The outbreak of cattle diseases such as mad cow or hoof- and mouth disease would lead to a fall in the demand for beef as the consumers’ preference for beef declines.

(e)

To determine

The increase in price of beef and demand for beef.

(e)

Expert Solution

Explanation of Solution

An increase in the price of beef would result in a fall in the demand for beef as stated by the law of demand.

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Answer 3

Question

Chapter 3, Problem 1CQ

(a)

To determine

The change in price of pork and demand for beef.

(a)

Expert Solution

Explanation of Solution

An increase in the price of pork would lead to a fall in the quantity demanded of pork. This would result in an increase in the quantity demanded of beef as beef and pork are treated as substitutes by the consumers.

Economics Concept Introduction

Substitute good: Substitute goods refer to a good with a positive cross-elasticity of demand that is a good whose demand is increased when the price of another good is increased.

(b)

To determine

The change in income of the consumer and demand for beef.

(b)

Expert Solution

Explanation of Solution

An increase in the consumer income results in an increase in the quantity demanded of beef. This is due to the reason that the income of the consumer is a factor that influence the demand for a commodity.

(c)

To determine

The change in price of cattle feed and demand for beef.

(c)

Expert Solution

Explanation of Solution

An increase in the price of feed grains leads to an increase in the price of cattle fee. This implies that the cost of rearing cattle increases and this would be reflected in the price of beef. The increase in the cost of cattle rearing results in a decrease in the demand for beef. Thus, the increase in price of cattle feed leads to a fall in the demand for beef.

(d)

To determine

The outbreak of cattle disease and demand for beef.

(d)

Expert Solution

Explanation of Solution

The outbreak of cattle diseases such as mad cow or hoof- and mouth disease would lead to a fall in the demand for beef as the consumers’ preference for beef declines.

(e)

To determine

The increase in price of beef and demand for beef.

(e)

Expert Solution

Explanation of Solution

An increase in the price of beef would result in a fall in the demand for beef as stated by the law of demand.

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Answer 4

Question

Chapter 3, Problem 1CQ

(a)

To determine

The change in price of pork and demand for beef.

(a)

Expert Solution

Explanation of Solution

An increase in the price of pork would lead to a fall in the quantity demanded of pork. This would result in an increase in the quantity demanded of beef as beef and pork are treated as substitutes by the consumers.

Economics Concept Introduction

Substitute good: Substitute goods refer to a good with a positive cross-elasticity of demand that is a good whose demand is increased when the price of another good is increased.

(b)

To determine

The change in income of the consumer and demand for beef.

(b)

Expert Solution

Explanation of Solution

An increase in the consumer income results in an increase in the quantity demanded of beef. This is due to the reason that the income of the consumer is a factor that influence the demand for a commodity.

(c)

To determine

The change in price of cattle feed and demand for beef.

(c)

Expert Solution

Explanation of Solution

An increase in the price of feed grains leads to an increase in the price of cattle fee. This implies that the cost of rearing cattle increases and this would be reflected in the price of beef. The increase in the cost of cattle rearing results in a decrease in the demand for beef. Thus, the increase in price of cattle feed leads to a fall in the demand for beef.

(d)

To determine

The outbreak of cattle disease and demand for beef.

(d)

Expert Solution

Explanation of Solution

The outbreak of cattle diseases such as mad cow or hoof- and mouth disease would lead to a fall in the demand for beef as the consumers’ preference for beef declines.

(e)

To determine

The increase in price of beef and demand for beef.

(e)

Expert Solution

Explanation of Solution

An increase in the price of beef would result in a fall in the demand for beef as stated by the law of demand.

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Answer 5

Chapter 3, Problem 1CQ

(a)

To determine

The change in price of pork and demand for beef.

(a)

Expert Solution

Explanation of Solution

An increase in the price of pork would lead to a fall in the quantity demanded of pork. This would result in an increase in the quantity demanded of beef as beef and pork are treated as substitutes by the consumers.

Economics Concept Introduction

Substitute good: Substitute goods refer to a good with a positive cross-elasticity of demand that is a good whose demand is increased when the price of another good is increased.

(b)

To determine

The change in income of the consumer and demand for beef.

(b)

Expert Solution

Explanation of Solution

An increase in the consumer income results in an increase in the quantity demanded of beef. This is due to the reason that the income of the consumer is a factor that influence the demand for a commodity.

(c)

To determine

The change in price of cattle feed and demand for beef.

(c)

Expert Solution

Explanation of Solution

An increase in the price of feed grains leads to an increase in the price of cattle fee. This implies that the cost of rearing cattle increases and this would be reflected in the price of beef. The increase in the cost of cattle rearing results in a decrease in the demand for beef. Thus, the increase in price of cattle feed leads to a fall in the demand for beef.

(d)

To determine

The outbreak of cattle disease and demand for beef.

(d)

Expert Solution

Explanation of Solution

The outbreak of cattle diseases such as mad cow or hoof- and mouth disease would lead to a fall in the demand for beef as the consumers’ preference for beef declines.

(e)

To determine

The increase in price of beef and demand for beef.

(e)

Expert Solution

Explanation of Solution

An increase in the price of beef would result in a fall in the demand for beef as stated by the law of demand.

Answer 6

Chapter 3, Problem 1CQ

(a)

To determine

The change in price of pork and demand for beef.

(a)

Expert Solution

Explanation of Solution

An increase in the price of pork would lead to a fall in the quantity demanded of pork. This would result in an increase in the quantity demanded of beef as beef and pork are treated as substitutes by the consumers.

Economics Concept Introduction

Substitute good: Substitute goods refer to a good with a positive cross-elasticity of demand that is a good whose demand is increased when the price of another good is increased.

Answer 7

Chapter 3, Problem 1CQ

(a)

To determine

The change in price of pork and demand for beef.

Answer 8

(a)

Expert Solution

Explanation of Solution

An increase in the price of pork would lead to a fall in the quantity demanded of pork. This would result in an increase in the quantity demanded of beef as beef and pork are treated as substitutes by the consumers.

Answer 9

(a)

Expert Solution

Answer 10

(a)

Expert Solution

Answer 11

Expert Solution

Answer 12

Economics Concept Introduction

Substitute good: Substitute goods refer to a good with a positive cross-elasticity of demand that is a good whose demand is increased when the price of another good is increased.

Answer 13

(b)

To determine

The change in income of the consumer and demand for beef.

(b)

Expert Solution

Explanation of Solution

An increase in the consumer income results in an increase in the quantity demanded of beef. This is due to the reason that the income of the consumer is a factor that influence the demand for a commodity.

Answer 14

(b)

To determine

The change in income of the consumer and demand for beef.

Answer 15

(b)

Expert Solution

Explanation of Solution

An increase in the consumer income results in an increase in the quantity demanded of beef. This is due to the reason that the income of the consumer is a factor that influence the demand for a commodity.

Answer 16

(b)

Expert Solution

Answer 17

(b)

Expert Solution

Answer 18

Expert Solution

Answer 19

(c)

To determine

The change in price of cattle feed and demand for beef.

(c)

Expert Solution

Explanation of Solution

An increase in the price of feed grains leads to an increase in the price of cattle fee. This implies that the cost of rearing cattle increases and this would be reflected in the price of beef. The increase in the cost of cattle rearing results in a decrease in the demand for beef. Thus, the increase in price of cattle feed leads to a fall in the demand for beef.

Answer 20

(c)

To determine

The change in price of cattle feed and demand for beef.

Answer 21

(c)

Expert Solution

Explanation of Solution

An increase in the price of feed grains leads to an increase in the price of cattle fee. This implies that the cost of rearing cattle increases and this would be reflected in the price of beef. The increase in the cost of cattle rearing results in a decrease in the demand for beef. Thus, the increase in price of cattle feed leads to a fall in the demand for beef.

Answer 22

(c)

Expert Solution

Answer 23

(c)

Expert Solution

Answer 24

Expert Solution

Answer 25

(d)

To determine

The outbreak of cattle disease and demand for beef.

(d)

Expert Solution

Explanation of Solution

The outbreak of cattle diseases such as mad cow or hoof- and mouth disease would lead to a fall in the demand for beef as the consumers’ preference for beef declines.

Answer 26

(d)

To determine

The outbreak of cattle disease and demand for beef.

Answer 27

(d)

Expert Solution

Explanation of Solution

The outbreak of cattle diseases such as mad cow or hoof- and mouth disease would lead to a fall in the demand for beef as the consumers’ preference for beef declines.

Answer 28

(d)

Expert Solution

Answer 29

(d)

Expert Solution

Answer 30

Expert Solution

Answer 31

(e)

To determine

The increase in price of beef and demand for beef.

(e)

Expert Solution

Explanation of Solution

An increase in the price of beef would result in a fall in the demand for beef as stated by the law of demand.

Answer 32

(e)

To determine

The increase in price of beef and demand for beef.

Answer 33

(e)

Expert Solution

Explanation of Solution

An increase in the price of beef would result in a fall in the demand for beef as stated by the law of demand.

Answer 34

(e)

Expert Solution

Answer 35

(e)

Expert Solution

Answer 36

Expert Solution

Answer 37

Ch. 3 - Prob. 1CQ Ch. 3 - Prob. 2CQ Ch. 3 - Prob. 3CQ Ch. 3 - Prob. 4CQ Ch. 3 - Prob. 5CQ Ch. 3 - Prob. 6CQ Ch. 3 - Prob. 7CQ Ch. 3 - Prob. 8CQ Ch. 3 - Prob. 9CQ Ch. 3 - Prob. 10CQ

The change in price of pork and demand for beef.

The change in price of pork and demand for beef.

Explanation of Solution

The change in income of the consumer and demand for beef.

Explanation of Solution

The change in price of cattle feed and demand for beef.

Explanation of Solution

The outbreak of cattle disease and demand for beef.

Explanation of Solution

The increase in price of beef and demand for beef.

Explanation of Solution

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Chapter 3 Solutions