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Chapter 3: Q. b - For Critical Thinking (page 52)
How could laws that ban tips cause a reduction in the quality of the delivery of services?
Tips act as incentive for better delivery, hence the quality of delivery may fall.
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Consider the market for cable-based Internet access
service,which isanormal good.Explain whether
the following events would cause an increase ora
decrease in demand or an increase oradecrease in
the quantity demanded.
a.Firms providing wireless(an alternative to cable)
Internet access services reduce their prices.
b.Firms providing cable-based Internet access
services reduce their prices.
e.There isadecrease in the incomes earned by con
sumers of cable-based Internet access services.
d.Consumers'tastes shift away from using wire
less Internet access in favor of cable-based
Internet access services.
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?
In fig 3-7, what are the effects of a price decrease from \(5 per portable power bank to \)3 per portable power bank on the quantities supplied by supplier 1 and by supplier 2 individually and combined?
Why do you suppose that prices of barbecued brisket have been rising in
many U.S. cities?
Discuss the difference between money prices and relative prices
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