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In each of the following scenarios decide if the product is

Paper help Economics In each of the following scenarios decide if the product is

Economics

In each of the following scenarios decide if the product is

In each of the following scenarios decide if the product is moving… Show more Assignment Demand & Supply In each of the following scenarios decide if the product is moving along the curve ( The price of diamonds has gone from $ 1,000 a karat to $ 2,000 a karat, this represents movement along the curve. Higher the price less of the demand.) OR If the product’s determinants have shifted the curve. (flat screen TVs have become more popular (notice no mention of price). The demand curve has shifted to the right.) If it helps you may want to think of product B as Butter or Baby dolls What effect will each of the following have on the demand for product B? A. Product B becomes more fashionable B. The price subsitute product C Falls C. Income declines and product B is an inferior good D. Consumers anticipate that the price of B will be lower in the near futre. E. The price of complementary product D falls What effect will each of the following have on the supply of product B? a. A technological advance in the methods producing product B. b. A decline in the number of firms in industry B. c. An increase in the prices of resources required in the production of B. d. The expectation that the equilibrium price of B will be lower in the future than it is currently. e. A decline in the price of product A, a good whose production requires substantially the same techniques and resources as does the production of B. f. The levying of specific sales tax on B. g. The granting of a 50-cent-per-unit subsidy for each unit of B produced. . • Show less

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