Question

For all parts of this question you are analyzing the market for Comcast Cable Service in...

For all parts of this question you are analyzing the market for Comcast Cable Service in your city. Match the descriptions below with whether they would increase or decrease supply or demand.

Increase in Supply?

Decrease in Quantity Demanded?

Decrease in Quantity Supplied?

Increase in Demand?

Decrease in Supply?

Increase in Quantity Supplied?

Increase in Quantity Demanded?

Decrease in Demand?

1. The price of Comcast cable service decreases.

2. The minimum wage increases; Comcast must pay its employees a higher wage.

3. The price of Comcast cable service increases.

4. Average income in your city increases (Comcast Cable is considered a normal good).

5. The price of Dish Network, a competing service, decreases.

6. The price of cables Comcast uses (input) for cable service goes down.

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Homework Answers

Answer #2

1.Increase in quantity demanded

Decrease in quantity supplies

because quantity demanded is inversely related to price and quantity supplied is directly related to price.

2.When minimum wage rises,the cost of production rises.The supply falls.

Supply decreases.

3.Quantity demanded falls.Quantity supplied rises.

4.Demand rises

Because a rise in income shifts the demand curve to the right.

5.Demand falls.

People will increase the demand of the cheaper substitute.

6.Supply rises

Marginal cost of production falls when price of inputs falls.

answered by: anonymous
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