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. Learning Activity 3 Use the demand-supply diagram to show how...
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Learning Activity 3
Use the demand-supply diagram to show how the market equilibrium will change due to the following
factors. Prepare 3 separate diagrams. PIs make sure you label your diagrams properly, identifying
demand and supply curves, and the equilibrium points
1. Shoes are an inferior good, and the income of consumers increases.
2. Apples and peaches are substitutes in demand, and the price of peaches fall (show impact on
the apple market only)
3. Wages of workers working in apple farms increase, which increases the cost of production for
farmers. At the same time, a new health study comes out showing that eating apples is beneficial for
your health.
Answer & Explanation
Solved by verified expertAnswered by EconTutor07 on coursehero.com
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