Question

How would each of the following events affect the demand for new textbooks? I. The price...

How would each of the following events affect the demand for new textbooks? I. The price of a used textbook rises. II. The price of college tuition rises. III. More high school graduates decide to attend college.

Homework Answers

Answer #1

1. Used textbooks and new textbooks are substitutes to each other. With an increase in price of used textbooks, the demand for used textbooks reduces and the demand for new textbooks increases.

2. As the price of college tution rises, less of new textbooks will be demanded as many students will not enroll for college studies. Collge service and new textbooks are complementary to each other. If collge fee increases, less students take admission and hence, less of new textbook is demanded.

3. When more students decide to attend collge, demand for college admissions as well as new textbooks rises. Demand for textbooks increases.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
5. Indicate how each of the following events would affect the aggregate demand AD curve: a...
5. Indicate how each of the following events would affect the aggregate demand AD curve: a short-run decrease in the price level an increase in consumer confidence on the price level and real GDP an increase in government purchases
a) Draw a demand curve to show how college enrollment can change with college tuition and...
a) Draw a demand curve to show how college enrollment can change with college tuition and explain it. (Minimum 50 words) b) Examine with respect to the demand for college enrollment, which of the following would cause (1) movement along the demand curve or (2) a shift of the demand curve and explain why? i).       An increase in incomes. ii).      Lower tuition. iii).     An increase in textbook prices. c) Using supply demand analysis show what will be the change in...
Explain how each of the following events in questions 2 and 3 would affect the aggregate...
Explain how each of the following events in questions 2 and 3 would affect the aggregate demand curve. No graph required 2. Domestic prices decrease, which decreases interest rates. – Word count 100 3. Lower levels of investment by businesses. – Word count 100 PLEASE MAKE THE ANSWER MORE CLEARLY AND HIGH QUALITY. PLEASE DON'T COPY AND PASTE THE ANSWERS WHICH HAVE GIVEN TO THE SAME QUESTION WHICH HAVE POSTED BY OTHERS. GIVE A DIFFERENT BUT ACCURATE ANSWER
How does each of the Determinants of Price Elasticity of Demand affect such? Would or would...
How does each of the Determinants of Price Elasticity of Demand affect such? Would or would it not affect Medical care and hospitalization demand for the good or service?
The following table summarizes information about the market for principles of economics textbooks: Price Quantity Demanded...
The following table summarizes information about the market for principles of economics textbooks: Price Quantity Demanded per Year Quantity Supplied per Year $45 4,300 300 55 2,300 700 65 1,300 1,300 75 800 2,100 85 650 3,100 A. What is the market equilibrium price and quantity of textbooks? B. To quell outrage over tuition increases, the college places a $55 limit on the price of textbooks. How many textbooks will be sold now? Is there a shortage or surplus of...
Explain how each of the following events affects the market equilibirium quantity and price of jeans....
Explain how each of the following events affects the market equilibirium quantity and price of jeans. Be sure to specify how these events affect the demand or supply curve, if at all. (An example of an answer would be the "supply curve moves down and to the right, increasing the equilbrium quantity and decreasing equilibrium price of jeans") (1) A new technology becomes available that cuts the time it takes to manufacture a pair of jeans by 50% (2) The...
1) Briefly indicate how you would expect each of the following events to affect the US...
1) Briefly indicate how you would expect each of the following events to affect the US supply of turkeys and explain your reasoning. The supply elasticity is 0.40 (5 points each). a. A 20% decrease in the price of corn and soybeans. b. A 10% increase in the price of turkeys. c. Development and adoption of a new synthetic hormone that decreases turkey mortality and improves feed efficiency.
Explain how each of the following events changes the demand for or supply of airline tickets....
Explain how each of the following events changes the demand for or supply of airline tickets. Roughly draw demand-supply cross diagrams to illustrate the effects on the equilibrium price of airline tickets. (No numbers are required.) The price of jet fuel rises. 2 marks. The price of a kilogram of luggage increases. 2 marks.
For each of the following events draw a diagram illustrating the demand and supply of bonds...
For each of the following events draw a diagram illustrating the demand and supply of bonds and indicate how the equilibrium price and quantity would be affected: a)   Expected inflation rises. b)   An increase in brokerage commissions on stocks                                                                                                                                                          c)   Business people become more pessimistic about prospective investment projects. PLEASE SHOW YOUR WORK ON HOW YOU GOT EACH ANSWER (INCLUDING STEP-BY-STEP CALCULATIONS)!
2.​Which of the following is a microeconomic question? a.​How many textbooks should be published by a...
2.​Which of the following is a microeconomic question? a.​How many textbooks should be published by a publisher? b.​How many high school graduates in a country go to college? c.​How much did the cost of living in a city increase last year? d.​What is the rate of unemployment? e.​What is the total population of a city? 3. The government offers subsidies for people to start their businesses. Because of that, more people choose to start a business instead of going to...