Chapter 3: Q. h - For Critical Thinking (page 68)
What happens to ticket scalpers who are still holding tickets after an
event has started?
They won't be able to sell the tickets once the event has started and are unable to make profits on those tickets.
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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?
Suppose that inalater market period,the quantities
supplied in the table in Problem 3-1 are unchanged.
The amount demanded,however,has increased by 30
million at each price.Construct the resulting demand
curve in the illustration you made for Problem 3-1.Is
this an increase or a decrease in demand? What are
the new equilibrium quantity and the new market
price?Give two examples of changes in ceteris paribus
conditions that might cause suchachange.
In Fig 3-9, the current position of the supply curve is S1, and the price of a portable power bank is $3. If the cost of inputs that suppliers utilize to produce portable power banks decreases, will the supply curve shift to S2 or to S3? What is the change in the amount of portable power banks supplied?
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.
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?
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