Reference no: EM132396925
a) For the following three goods, consider the impact on demand (increase, decrease, or no change in demand):
i) The price of orangesincreases (good: oranges)
ii) Someone who likes to travel is laid off from their job (good: traveling)
iii) The price of motorcycles increases in a state that requires helmets(good: helmets)
b) For the following three goods, consider the impact on supply(increase, decrease, or no change in the supply):
i) Growers of tomatoes experience an unusually productive growing season (good: tomatoes)
ii) Wages of low skilled workers, an input to fast food, increase (good: fast food)
iii) Consumer preferences for DVDs declines in favor of digital streaming (good: DVDs) (hint: consider only the initial impact on the market for DVDs, not subsequent choices by producers)