You manage a pasta-making company. Your market research has shown that consumers view spinach linguini as...
You manage a pasta-making company. Your market research has shown that consumers view spinach linguini as a “normal good” and ramen noodles as an “inferior good.” Your management team expects the U.S. economy to enter a recession in the near future (implying that consumers’ income, on average, will decline). Using the supply and demand model, explain, when the recession hits, what you expect to happen (1) in the market for spinach linguini and (2) the market for ramen noodles.
Homework Answers
As consumers income fall the demand for normal goods fall and demand for inferior good rises.
The demand curve for spinach linguini shifts to the left reading its price and quantity.
The demand curve for ramen noodles shift to the right, increasing its price and quantity
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Can someone check these answers please and ensure that they are
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QUESTION 1 In 2007, the economy slipped in a recession that many called the worst since the Great Depression. This caused people to experience a general decrease in their income levels. At the same time, there was an increase in the price of wheat used to make Ramen Noodles (an inferior good). Given...
Below is a recommended topic for this discussion. If
your instructor chooses a different “Making the Connection” from
this weeks’ readings or another alternate discussion topic, his or
her chosen topic and any required work in MyEconLab or elsewhere
will be in the instructors’ first posting.
Read the Making the Connection short case titled Can a
Recession Be a Good Time for a Business to Expand? in
Chapter 21 of our textbook, and also be sure to watch the video...
Could someone take notes and explain for me from
these pragraph with explantation. Thank you advance
las inferior Goods Firms producing inferior goods do not benefit from a boom- ing economy. One such example is the pawnshop industry, which suffered during the economic prosperity of the late 1990s and 2000, as fewer people swapped jew- elry and other items for cash to cover car payments and other debts. Although pawnshops have always suffered from a somewhat disreputable image, the strong economy...
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