Use demand and supply diagrams (with proper labels and arrows) to show the effect of
a) a reduction in price of DVD Players on market for DVDs.
b) reports that eating chocolate adds to your life expectancy (!!) on the market for chocolate candy bars.
c) an additional $1 a pack sales tax on cigarettes along with a ban on advertising cigarettes.
d) automation in fast food industry on market for unskilled fast food workers.
e) an increase in interest rate on the stock market.
f) flooding in the southeast on market for fruits and vegetables.

Question

JJlol4898 JJlol4898

14-10-2020
Business

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Use demand and supply diagrams (with proper labels and arrows) to show the effect of
a) a reduction in price of DVD Players on market for DVDs.
b) reports that eating chocolate adds to your life expectancy (!!) on the market for chocolate candy bars.
c) an additional $1 a pack sales tax on cigarettes along with a ban on advertising cigarettes.
d) automation in fast food industry on market for unskilled fast food workers.
e) an increase in interest rate on the stock market.
f) flooding in the southeast on market for fruits and vegetables.

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ewomazinoade ewomazinoade · Answer 1 · 2020-10-15T02:22:12+02:00

Answer:

Please check the attached images for the graphs

Explanation:

a.DVD players and DVDs are complements

Complement goods are goods that can be used together. If the price of one Dvd payers falls, the demand for DVDs would increase. This would lead to a rightward shift of the demand curve. Equilibrium price and quantity would increase

b. As a result of the report, the demand for chocolate candy bars increases. This would lead to a rightward shift of the demand curve. Equilibrium price and quantity would increase

c. As a result of the policies, the demand for cigarettes would fall. This would lead to a leftward shift of the demand curve. Equilibrium price and quantity would fall.

d. As a result of the automation, there would be less need for unskilled labour. As a result, the demand for unskilled labour would fall. This would lead to a leftward shift of the demand curve. Equilibrium price and quantity would fall.

e. increase in interest rate increases the demand for bonds. This would lead to a rightward shift of the demand curve. Equilibrium price and quantity would increase

f. as a result of the flooding, there would be a reduction in supply. The supply curve would shift leftward. Equilibrium price would rise and equilibrium quantity would fall