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This is going to increase the cost of production more expensive and hence supply curve will shift to left, increasing the price of cigarettes and reducing quantity demanded and supplied in the…
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Download file to see previous pages... Increase in the wages of orange pickers. Again many firms operating below the appropriate profit margin will find it difficult to pay expensive orange pickers, who will be made redundant. As a result, firms will have to reduce their output and have to charge higher prices to compensate high wages of workers who are retained in the job.
3) The result of price reduction is increase in the companies producing these computers which increased the supply and at the same time reducing prices. It may also be due to foreign firm giving competition to the local expensive brands.
4) A tariff on imported orange juice will mean that imported orange juice will become more expensive. This will reduce the competition on the local firms to reduce their prices to compete with a cheaper brand. As a result, local firms will exploit the consumers charging higher prices and thus overall market price for consumers is going to increase.
5) A shift in demand signifies that a product will now be bought more or less at every give price. This occurs due to some factors that make the product more or less attractive and it is not due to the price. Similarly, increase in quantity demanded is movement along the curve and is basically increase or decrease in price brought about by price fluctuations.
6) An increase in income is going to increase the demand for normal good as income increases. This is because people now have more to spend and will try to improve their living standard. On the other hand, an increase in income is going to reduce the demand for inferior goods as people will look for better alternatives and high quality goods.
7) No, consumers do not buy more of every good as the price of goods fall. The demands for necessities remain more or less constant throughout the changes in income cycles. Demand for normal good increases as the price of a good falls, but the demand for inferior goods or cheap goods does not vary that much as they constitute only a small ...Download file to see next pagesRead More
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