Assume the marketplace for milk

Assignment Help Macroeconomics

Reference no: EM1336921

Effects of supply and demand shocks on the market for milk

Consider the market for milk. For each of the following events, state (a) whether it affects supply or demand (or both, or neither), (b) which direction supply/demand shifts, (c) the effect on price, and (d) the effect on quantity.

1. Consumer income rises, and milk is a normal good.
2. The cost of feed for dairy cows increases.
3. The price of cereal, a complement, rises.
4. Wages paid to dairy farm workers increase.
5. Technology used to produce milk becomes more efficient.

Reference no: EM1336921

Questions Cloud

Hierarchy structure of flat organization : If a project manager took a hierarchy structure when the company is generally used to a very flat organization, people could feel there is a lot of red tape and take more time to complete tasks.

Write down a shell program : -Check if there is exactly 2 filenames, if not, printout error message

Explain kodak''s marketing mix and marketing strategy : Explain Kodak's Marketing Mix and Marketing Strategy and Describe how each element is implemented. Be sure to specifically identify your selected organization and the industry in which it exists

Make up an organization capital structure : What components make up an organization's capital structure? How may an organization go about developing its optimal capital structure?

Assume the marketplace for milk : Assume the marketplace for milk. For each of the following events, state whether it affects supply or demand (or both, or neither), which direction supply/demand shifts.

Interest rate method problems : Interest Rate Method Problems : Calculate the monthly payments if you forgo the $2,500 rebate and finance your new car through the dealership.

Organizational analysis of coca cola : Make a brief organizational analysis of Coca Cola.

The negative aspects of game programming as a career choice : What would you say the negative and positive aspects of Game Programming as a career choice are?

Explain use of competitive intellgence by organizations : Explain USE OF COMPETITIVE INTELLGENCE BY Organizations and In your own words, draft a reply 2-3 page e-mail to your colleague and focusing on strategies and tools and technologies you would recommend to build up a knowledge base and spot trends

User Account

All Pages