econ chapter 3 questions

econ chapter 3 questions - Brian Halloran 11:00 Discussion...

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Brian Halloran 11:00 Discussion Monday Econ 130 Chapter 3 Questions 1. I believe that an increase in the current demand for beef, you would have to have higher pork prices and a higher consumer income. These two elements would result in an increase in a demand for beef. Higher prices of feed grains would affect the supply of beef, while an increase in the price of beef would make the quantity differnet, not the demand. 2. The demand curve for a product slopes downward and to the right because of the availability of substitutes for any one given product. Instead of apples, you can buy oranges instead. Instead of beef, you can buy pork. It is an inverse relationship with the supply curve. 5. The supply curve for a product slopes upward and to the right because of the inverse relationship with the demand curve. 10. A) It helps people because when they produce more, it benefits suppliers, consumers, and entreprenuers. Increases the vallue of resources. B) Losses reduce the value of your resources which brings down the well being of some people. There is no
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econ chapter 3 questions - Brian Halloran 11:00 Discussion...

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