Online homework

Read pages 68-79 in Chapter 3 and answer the questions below.
submit your work BEFORE our class on Friday, Feb 6.

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1. What effect will each of the following have on the demand for basketballs?

a. Playing basketball becomes more popular.
Demand for basketballs , the demand curve will shift .

b. The price of soccer balls, which many view as a substitute product to basketballs, falls.
Demand for basketballs , the demand curve will shift .


c. Consumers' income increases and basketballs happen to be an inferior good.
Demand for basketballs , the demand curve will shift .


d. Consumers anticipate the price of basketballs to fall in the near future.
Demand for basketballs today , the demand curve will shift .


e. The price of basketball goals, a complementary product, falls.
Demand for basketballs , the demand curve will shift .


2. What effect will each of the following have on the supply of basketballs?

a. A technological advance in the methods of making basketballs.
Supply of basketballs , the supply curve will shift .


b. Some of the firms making basketballs close down.
Supply of basketballs , the supply curve will shift .


c. An increase in the prices of resources (say, rubber) required in the production of basketballs.
Supply of basketballs , the supply curve will shift .


d. A decline in the market price of tires, the production of which requires substantially the same techniques and resources as does the production of basketballs. (Both are made of rubber.)
Supply of basketballs , the supply curve will shift .


e. The government starts paying a 50-cent-per-unit subsidy to producers of basketballs.
Supply of basketballs , the supply curve will shift .

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