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FIGURE 1 1. REFER TO FIGURE 1 If price in this market is currently $14, then there would be a(n) 2. If consumers view cappuccinos and lattés as substitutes, what would happen to the equilibrium price and quantity of lattés if the price of cappuccinos
rises? 3. What would happen to the equilibrium price and quantity of lattés if coffee shops began using a machine that reduced the amount of labor necessary to produce steamed milk, which
is used to make lattés, and scientists discovered that coffee prevents heart attacks? 4. Assume that the market supply of laptops increases while at the same
time the market demand for laptops increases. If the equilibrium price of laptops decreases, which of the following must be true? Suppose the table You May Also Find These Documents Helpful
Related TopicsWhat would happen to the equilibrium price and quantity of lattes of coffee shops begin using a machine that reduce the amount of labor necessary to produce them?Even the cost of producing lattes decreases due to lower use of labor, the supply of latte production also increases. Therefore, the supply curve for latte production shifts rightwards leading to a decrease in the price of lattes and an increase in the quantity of equilibrium quantity.
What would happen to the equilibrium price and quantity of coffee if the wages of coffeeIn the given scenario, the equilibrium price of coffee will increase with the increase in the wages of coffee-bean pickers. Since the price of any good is usually inversely related to its quantity demanded, the quantity demanded for coffee will decrease with the increase in the equilibrium price.
What would happen to the equilibrium price and quantity of coffee if the wages of coffeeWhat would happen to the equilibrium price and quantity of coffee if the wages of coffee-bean pickers fell and the price of tea fell? Price would fall, and the effect on quantity would be ambiguous.
What would happen to the equilibrium price and quantity of lattes if the cost to produce steamed milk?So, when the price of producing steamed milk increases, it will affect the demand for lattes. The demand for lattes will go down. As a result, the demand curve will shift to the left-hand side. This will cause a change in the price, and the quantity demanded of lattes.
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