(Solved): Chapter 7 Consolidation Question - Part 1 please answer all of them Drawing freehand, create a dem ...

Chapter 7 Consolidation Question - Part 1 please answer all of them Drawing freehand, create a demand and supply for product

. On your graph, show what happens if price is (a) lower than the equilibrium price and (b) higher than the equilibrium price. Consider the following two scenarios: a) For price to rise for product

, what shifts of either demand or supply would have to occur? Illustrate this on a freehand graph. b) For a price to fall, what shifts would have to occur? Illustrate this on a freehand graph. Classify the following pairs of goods as either complements or substitutes: (a) hockey sticks, pucks (b) beef, chicken (c) public transit, taxi service (d) printers, toner cartridges (e) Coca-Cola, Pepsi It's understandable that many of us complain when the price of a good or service rises. What might the price increase indicate about either the demand for, or the supply of, a product? If price were not allowed to rise, what would be the undesirable result? Suppose that a family's income increases. Would its demand for all goods and services rise, or would it rise for some goods and services but fall? Explain how a family's demand could change in opposite ways, using two household goods or services as examples. Draw freehand demand and supply graphs to illustrate each of the following scenarios. Then, in point-form notes, explain how price and quantities change for many consumer goods. a) The incomes of people in northern Canada increase significantly as a result of the construction of a new pipeline through their land. b) American restrictions on importing

lumber cause widespread layoffs in the

lumber industry.