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E202PracticeExam1.3 - for growing potatoes Chapter 4 9...

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8. How would a decrease in the price of rice (a substitute) affect the market demand for potatoes? Does the demand curve shift left or right and why? What will happen to equilibrium price and quantity of potatoes if, in addition to the decrease in the price of rice, weather conditions are bad
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Unformatted text preview: for growing potatoes? Chapter 4 9. Considering what determines the price elasticity of demand, why are students often offered discounts on many items such as movie tickets and airfares? 10. Why are gasoline prices so much more volatile than car prices?...
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