Predict the direction of change for either supply or demand

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Reference no: EM133205656 , Length: Words Count:300

Assignment:

1. Predict the direction of change for either supply or demand in the following situations. Explain using one sentence for each situation.

a. Several new companies enter the cell phone industry.

b. Consumers suddenly decide SUVs are unfashionable.

c. The U.S surgeon general issues a report stating that tomatoes prevent colds.

d. Frost threatens to damage the coffee crop, and consumers expect the price to rise sharply in the future.

e. The price of tea falls. What is the effect on the coffee market?

f. The price of sugar rises. What is the effect on the coffee market?

g. Tobacco lobbyists convince Congress to remove the tax paid by sellers on each carton of cigarettes sold.

h. A new type of robot is invested that will pick peaches.

i. Nintendo anticipates that the future price of its games will fall much lower than the current price.

2. Answering the following in 200 to 300 words.

The U.S Postal Service is facing increased competition from firms providing overnight delivery of packages and letter. Additionally, competition has emerged because communications can be sent by emails, fax machine, and text messaging. What will be the effect of this competition on the market demand for mail delivered by the post office?

Reference no: EM133205656

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