Macroeconomics
13th Edition
ISBN: 9780134735696
Author: PARKIN, Michael
Publisher: Pearson,
expand_more
expand_more
format_list_bulleted
Question
Chapter 3, Problem 4SPA
(a)
To determine
The change in average income and
(b)
To determine
The change in average income and demand.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
As the average income in China continues to increase, explain how the following would change:
a. The demand for beef (inferior good)
b. The demand for rice (normal good)
Describe how each of the following will affect the demand for hybrid cars:
A. A rise in income (assuming that hybrid cars are a normal good)
B. Consumers prices of hybrid cars to fall in the future.
C. The price of gasoline rises.
D. Increased number of campaigns in favor of protecting the environment.
Identify two causes, apart from an increase in income, of an increase in demand for a product.
Chapter 3 Solutions
Macroeconomics
Ch. 3.1 - Prob. 1RQCh. 3.1 - Prob. 2RQCh. 3.1 - Prob. 3RQCh. 3.2 - Prob. 1RQCh. 3.2 - Prob. 2RQCh. 3.2 - Prob. 3RQCh. 3.2 - Prob. 4RQCh. 3.2 - Prob. 5RQCh. 3.3 - Prob. 1RQCh. 3.3 - Prob. 2RQ
Ch. 3.3 - Prob. 3RQCh. 3.3 - Prob. 4RQCh. 3.3 - Prob. 5RQCh. 3.4 - Prob. 1RQCh. 3.4 - Prob. 2RQCh. 3.4 - Prob. 3RQCh. 3.4 - Prob. 4RQCh. 3.4 - Prob. 5RQCh. 3.5 - Prob. 1RQCh. 3.5 - Prob. 2RQCh. 3.5 - Prob. 3RQCh. 3 - Prob. 1SPACh. 3 - Prob. 2SPACh. 3 - Prob. 3SPACh. 3 - Prob. 4SPACh. 3 - Prob. 5SPACh. 3 - Prob. 6SPACh. 3 - Prob. 7SPACh. 3 - Prob. 8SPACh. 3 - Prob. 9SPACh. 3 - Prob. 10SPACh. 3 - Prob. 11APACh. 3 - Prob. 12APACh. 3 - Prob. 13APACh. 3 - Prob. 14APACh. 3 - Prob. 15APACh. 3 - Prob. 16APACh. 3 - Prob. 17APACh. 3 - Prob. 18APACh. 3 - Prob. 19APACh. 3 - Prob. 20APACh. 3 - Prob. 21APACh. 3 - Prob. 22APACh. 3 - Prob. 23APACh. 3 - Prob. 24APACh. 3 - Prob. 25APACh. 3 - Prob. 26APACh. 3 - Prob. 27APA
Knowledge Booster
Similar questions
- In the market for lattes, if the number of coffee shops increases, how does the quantity of lattes demanded and the demand for lattes change? The quantity of lattes demanded ________ and the demand for lattes ________. A. increases; does not change B. does not change; increases C. increases; increases D. decreases; does not changearrow_forwardWhich of the following is NOT a determinant of demand? a. Consumers' incomes b. Expected changes in prices in the future c. Production technology d. Consumers' tastes and preferencesarrow_forwardWhich of the following shifts the demand curve for rice? A. a decrease in the price of a pound of wheat a substitute in consumption for rice B. an increase in the price of the fuel used to transport rice to supermarkets C. great weather that produces a bumper rice crop this year D. disastrous weather that destroys about half of this year's rice croparrow_forward
- What impact on the market for beef will result from a decreases in the price of corn? There will be no impact, as corn and beef are not related. The price of beef will increase The supply of beef will increase. The price of beef will decrease Thre will be a surplus of beef as long as corn prices don't recover. The demand for beef will increase as people substitute beed for corn. The quantity of beef will increase The demand for beef may increase, if beef and corn are complements in consumption for some consumers.arrow_forwardWhich would cause a decrease in the quantity of computers supplied? A. An increase in the demand for computers B. A decrease in the demand for computers C. An increase in the incomes of consumers D. A decrease in the price of parts for making computersarrow_forwardWhat is meant by a change in supply, and change in quantity supplied?arrow_forward
- If advances in PC production technology increased the supply of PCs sharply. The demand for PCs will increase, but not nearly as much as the supply did. As a result what will happen, will the price of a PC rise or fall and the quantity of PCs sold increase or decrease?arrow_forwardWhat is the event that changes the quantity of tennis lessons supplied, and what is the event that changes the supply of tennis lessons? If the price of a tennis lesson rises, the ________, but if more people become tennis coaches, the ________. A. the supply of tennis lessons decreases; quantity supplied increases B. the supply of tennis lessons increases; quantity supplied decreases C. quantity supplied increases; the supply of tennis lessons increases D. quantity supplied decreases; the supply of tennis lessons increasesarrow_forwardif nothing else is changing. what will happen when the price for using golf courses falls ? A. more people purchase golfing equipment B. the supply of golf courses increases C. the demand rises for other summer activities D. the amount of people golfing fallsarrow_forward
- Pamilya Dalisay is a big family. they love to eat beef adobo everyday. Four members of the family left to work abroad. How will it affect their buying behavior for beef? a. Quantity demanded for beef will remain constant b. Quantity demanded for beef will decrease c. Quantity demanded for beef will increase d. Quantity demanded will affect the supply for beef When the supply of alcohol in the market declines in the current times a. Quantity demanded for it diminishes b. Quantity demanded for it increases c. Price of the alcohol increases d. Price of the alcohol decreasesarrow_forwardWhich determinants of demand might account for this increased interest in stomping grapes and drinking wine?arrow_forwardIce cream is made from fresh milk. A change occurs in the market for ice cream and the supply of ice cream changes. How does the supply change and why? The supply of ice cream ________. A. decreases today when the price is expected to rise next month B. increases when the price of fresh milk rises C. increases when ice cream workers are paid a higher wage rate D. decreases when new technology lowers the cost of producing ice creamarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
