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(Solved): 5A. Construct the market for real Christmas trees. Analyze the effect in the market if the price of ...


5A. Construct the market for real Christmas trees. Analyze the effect in the market if the price of artificial Christmas trees—a substitute good—increases.

5B. Construct the market for golf clubs. Analyze the effect in the market if the price of green fees—a complement good—increases.



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Answer: 5A) Christmas trees currently make up a $2 billion industry every year, and growing. Real Christmas trees, on average, sell at around $75 per tree, and tree farms typically sell around 25 million to 30 million every year to either independent
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