Indicate how you think each of the following would shift demand in the indicated market: a....

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Indicate how you think each of the following would shift demand in the indicated market: a. The incomes of buyers in the mark How would each of the following affect the U.S. market supply curve for corn? Over-grazing Occurs. а. The supply curve for co

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Answer 1

Answer #1

(1)

(a) As consumer income decreases, demand for Ford (assumed a normal good) decreases, so demand curve for Ford shifts leftward.

(b) A negative health report about consumption of an input used in pizza will decrease its demand, so demand curve for pizza shifts leftward.

(c) Decrease in price of a substitute will decrease the demand for gas-powered cars, so its demand curve shifts leftward.

(d) Decrease in own price of a good leaves its demand curve remain unchanged.

(2)

(a) Over-grazing will reduce corn harvest, lowering its supply. So supply curve will shift leftward.

(b) Lower price of tractor, a factor of production, will increase supply, and supply curve will shift rightward.

(c) Higher tax on fertilizer, an input, will decrease supply, and supply curve will shift leftward.

(d) A tornado will destroy crop, lowering its supply. So supply curve will shift leftward.

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