1 / 1

Daily quiz-7 (01/26): Print your name and ID in BLOCK letters.

Daily quiz-7 (01/26): Print your name and ID in BLOCK letters. Consider the demand curve for “ Edamame ” (a brand of soybean) in Iowa. Suppose there is an e-coli scare concerning Edamame and a recall of certain lots of that product by USDA.

brooklyn
Download Presentation

Daily quiz-7 (01/26): Print your name and ID in BLOCK letters.

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Daily quiz-7 (01/26): Print your name and ID in BLOCK letters. Consider the demand curve for “Edamame” (a brand of soybean) in Iowa. Suppose there is an e-coli scare concerning Edamame and a recall of certain lots of that product by USDA. 1. What happens to the demand curve for Edamame? (use words “shifts”, “movement down or up from one point to another” etc.) Ans: demand goes down, shifts to the left. 2. What happens to the supply curve of Edamame? Ans: supply goes down because of the recall, shifts left Suppose meat and soybeans are alternative sources of proteins which we all agree we need daily. Assume that the above recall results in a higher market price of soybeans. 3. What happens to the demand curve for meat in Iowa? Ans: demand goes up, shifts right, because meat is a protein substitute 4. What happens to the supply curve for meat in Iowa? Ans: no change

More Related