PS3_Essay

PS3_Essay - predominantly Asian sections of large cities....

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ECON1001: Principles of Microeconomics (Non-major) Fall 2007 Problem set #3 (Question & Answer Sheet) Please drop off to Moyin’s mailbox at 9/F, KKL Building , according to your sub-classes Note : Moyin has 3 mailboxes! Please don’t submit your assignments to lecturers! LATE ASSIGNMENTS WILL NOT BE GRADED. Name: Student ID: (Please print) Subclass: ECON1001 C / D / E / F / G / H (circle one) Lecturer: Dr S. Démurger / Dr Y.K. Fan / Dr M. Lo (circle one) 1. Multiple Choice Questions Due Date: 5pm, 28 Sep (Fri) Please hand in your answers in the WebCT. Other submission methods NOT allowed! You can download a reference copy from the tutorial website for better preparation. 2. Short answer question Due Date: 5pm, 28 Sep (Fri) Please turn over for the Question.
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Question: Twenty-five years ago, tofu was available only from small businesses operating in
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Unformatted text preview: predominantly Asian sections of large cities. Today tofu has become popular as a high-protein health food and is widely available in supermarkets throughout the United States. At the same time, tofu production has evolved to become factory-based using modern food-processing technologies. Given the information above: 1. Draw ONE diagram with demand and supply curves depicting the changes in the tofu market throughout these 25 years. (Show the graph clearly with proper labels. No need to explain.) 2. What does the demand-supply model predict about changes in the volume of tofu sold in the United States between then and now? 3. What does it predict about changes in the price of tofu? Please write in the space provided, hand written answers acceptable. Q1, Ans: Q2, Ans: Q3, Ans: - END -...
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This note was uploaded on 10/02/2011 for the course ECON 1001 taught by Professor S.c during the Spring '10 term at HKU.

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PS3_Essay - predominantly Asian sections of large cities....

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