Question

Help with all of them

PS 1 -chap 1 and 2(1) Word Layout References Mailings Review ViewHelp Foxit PDF A-圃冨 乍. | 2..-. Paragraph A 1 Normal 1NoSpac..Headingl Heading 2 Title Subtitle Styles to be installed, but first we need to close some apps. Update now 4 For each of the following markets, explain what, if anything, will happen to supply and demand, and how the equilibrium price and quantity will change. Show your answers with well-labeled graphs. Airline tickets: Amtrak lowers the price of tickets. Butter: a rainy year means more grass for the cows. The more grass a cow eats, the more milk they produce. a. b. c Pads: Apples key supplier finds it more difficult and expensive to mine palladium, a key component of tablets.

Answer 1

a). Here the price decrease would increase the quantity demanded for the air line tickets, a price movement will not shift the demand curve it is a movement along the demand curve. And this is shown in the below diagram, when the price lowers the quantity demanded will increase.

b). Here the rainy year has increased the productivity of the cows and it will increase the production of milk and there by the production of the butter, so the supply curve would shifts to the right and the equilibrium price will decrease and the quantity will increase and this is shown in the graph.

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c). Here the mining of the key input for the production of tablet is seemed to be very difficult, so this will negatively affect the supply of the commodity the supply curve would shift to the left the equilibrium price will increase and the quantity will decrease.