Microeconomics Answers

Due to substantial increases in prices in Country A, the real income level of the population in Country A decreases. Show on a diagram how the decrease in the income level in Country A will affect the demand for meat, which is a normal good. Also indicate how the equilibrium price and equilibrium quantity of meat will change in Country A.

Economists assume that a consumer is expected to make rational decisions but not functional. As a consumer of spaghetti ( GOOD A ) and Rice food ( GOOD B ), discuss how you might apply economic reasoning in making your decisions rationally. What problems can arise when you make functional decision(s)?

The population in country C decreases, due to a lower birth rate. At the same time, there is an increase in the cost of fertilizer, which is used to grow vegetables. Explain how the market for vegetables will be affected

Decrease in population rate, increase in the cost of fertiliser, which used to grow vegetables, explain how the market for vegetables will be affected by theses changes

Suppose the Market is in equilibrium and then the demand decreases. Which of the following will contribute to reaching the new equilibrium price?

Select one:

a. Excess demand at the initial equilibrium price

b. Excess supply at the new equilibrium price

c. Excess supply at the initial equilibrium proce

Suppose the marketis in equilibrium, and then the demand decreases. What will contribute to reaching the new equilibrium price

Due to substantial increase in prices in Country A, The real income level of the population in Country A decreases. Show a diagram how the decrease in the income level in Country A will affect the demand for meat, which normal Good, in How the equilibrium price and equilibrium Quantity of meat will change in Country A

an increase in the production of beef will result in a decrease in the production of leather. True or false

an increase in the production of beef will lead to a decrease in the production of leather. True or false

is it true or false that An increase in the production of beef will lead to a decrease in the production of leather (made from cattle hides).