Question: For ALL Problems Below: Begin With A Market In Equilibrium. Determine Which Curve Moves (If Any) And WHY, Then Indicate The New Equilibrium Price And Quantity. Answers Must Include A Graph As Well As An Explanation Of What Is Happening 1. In The Market For Pizza, What Happens If There Is An Increase In The Price Of Tomato Sauce? 2. In The Market For Peanut
For ALL problems below: begin with a market in equilibrium. Determine which curve moves (if any) and WHY, then indicate the new equilibrium price and quantity.
Answers must include a graph as well as an explanation of what is happening
1. In the market for pizza, what happens if there is an increase in the price of tomato sauce?
2. In the market for peanut butter, what happens if there is a decrease in the price of jelly?
3. In the market for Pepsi, what happens if the price of Pepsi rises?
4. In the market for college degrees, what happens if the average wage decreases for workers?
5. In the market for beer, what happens if there is an increase in the number of local breweries?