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Use short-run supply demand analysis to indicate how equilibrium price and
quantity will change if the following changes occur in the economy. Draw a
supply and demand curve for each answer and provide a brief one sentence
a. Potatoes are an inferior good, and national income falls as a result of a
recession. What happens to the market for potatoes? (An inferior good is
one in the demand for the good falls as income rises.
b. Peanut butter and jelly are complementary goods, and there is a rapid
technological improvement in the production of peanuts. What happens to
the market for jelly?
c. Immigration policy leads to a sharp reduction in the in-migration of
Mexican workers. What happens to the market for low-wage labor in Los
d. The government decides to make illegal the production and consumption
of cigarettes. What happens to the market of cigarettes?
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