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Chapter 3: Q. 2- Critical Thinking Questions (page 69)
What direction might the supply of breakfast cereals have shifted to help explain why the market prices of these cereals have not changed very much during the past few years?
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Distinguish between changes in supply and changes in quantity supplied
In fig 3-7, what are the effects of a price increase from \(2 per portable power bank to \)4 per portable power bank on the quantities supplied by supplier 1 and by supplier 2 individually and combined?
What happens to ticket scalpers who are still holding tickets after an
event has started?
In Fig 3-4, the current position of the demand curve is D1, and the price of a portable power bank, which is a normal good, is $3. If there is an increase in consumer incomes, will the demand curve shift to D2 or to D3? What is the change in the amount of portable power banks demanded?
For each of the following shifts in the demand curve and associated price change of complement or substitute item, explain whether the price of the complement or substitute must have increased or decreased.
a.Arise in the demand for a dashboard global positioning-system device follows a change in the price of automobiles, which are complements.
b.A fall in the demand fore-book readers follows a change in the price of e-books, which are complements.
c.Arise in the demand for tablet devices follows a change in the price of ultrathin laptop computers, which are substitutes.
d.A fall in the demand for physical books follows a change in the price of e-books, which are substitutes.
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