Pop Machine Prices
Posted in Posters on 09/27/2006 08:44 pm by admin
Economics homework help: Supply and Demand?
I need help understanding this:
Graphs: (Jelly Beans Supply and Demand)
A. Supply Increases(right)
B. Supply Decreases(left)
C. Demand increases(right)
D. Demand decreases(left)
Questions:
1. The price of sugar increases____
?
2. The price of bubblegum, a close substitute for jellybeans, increases___
(Wouldn’t the demand for jellybeans rise since it is substitutable)
3. A machine is invented that makes jellybeans at a lower cost___
?
4. The govt. places a tax on foreign jellybeans that have a
considerable share of the market___
?
5. The price of soda pop, a complementary good for jellybeans, increases___
?
6. Widespread prosperity allows people to buy more jellybeans___
?
Yes, it makes a lot more sense now. Thanks rishi
Are you asking what happens to the graphs from the 4 options that u gave? If so, here are the answers:
1. Increasing the price of sugar means that the cost of manufacturing the jellybeans increases. Thus, the supply would invariably decrease in the short term. Supply Decreases (left)
2. This would lead people to buy more jellybeans rather than bubblegum. Thus, the overall demand for the jellybeans increases. Demand Increases (right)
3. Manufacturing costs decreases and thus, the producers would be able to dish out or make more of the jellybeans in the same costs as before. Thus, the supply in the market increases. Supply Increases (right)
4. Since the tax is being applied, the supply of foreign jellybeans would drop down. Thus, the overall Supply Decreases (left)
5. Less people are going to buy soda pop which will affect the demand of the jellybeans. Hence, the demand of the jellybeans decreases. Demand Decreases (left)
6. This is the easiest one. Widespread prosperity means good economic times meaning people buying more jellybeans. Thus, the demand of the jellybeans in the market increases. Demand Increases (right)
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