Assume the marketplace for milk

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

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