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10SQ3(takehome) - Cause Effect 3 The price of milk has been...

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Econ. 1A. Quiz 3. Name: ___________________. ID: ______________________. [Turn in your answer in the beginning of Exam 1] 1. Under what assumptions we can use DD and SS curves to describe the market? [3] (1) (2) (3). Use DD and SS curves to evaluate the following economic events graphically. Please state “cause” and “effect” explicitly . 2. As a result of Iraq invasion, the price of Army boots rises. [3]
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Unformatted text preview: Cause: Effect 3. The price of milk has been rising due to unusually hot summer weather which discourages milk production. (9/16/96, San Jose Mercury News). [3] Cause: Effect: 4. Higher chicken prices on the way as producers plan to cut supply by killing off mother hens. (3/23/96, San Jose Mercury News). [3] Cause: Effect:...
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