Chapter 3: Q. 3.15 (page 73)
In Fig 3-2, what are the effects of a price decrease from \(4 per portable power bank to \)2 per portable power bank on the quantities of portable power banks demanded by buyer 1 and by buyer 2 individually and combined?
1- 40
2- 50
combined- 90
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How could laws that ban tips cause a reduction in the quality of the delivery of services?
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?
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?
Assume that the cost of aluminum used by soft-drink companies increases. Which of the following correctly describes the resulting effects in the market for soft drinks distributed in aluminum cans? (More than one statement may be correct.)
a. The demand for soft drinks decreases.
b. The quantity of soft drinks demanded decreases.
c. The supply of soft drinks decreases.
d.The quantity of soft drinks supplied decreases.
Give an example of a complement and substitute in consumption for each of the following items.
a.Bacon
b.Tennis racquets
c.Coffee
d.Automobiles
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