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3. Indicate whether each of the following statements describes an increase in demand, decrease in demand, change in quantity demanded, increase in supply, decrease in supply, or change in quantity supplied in the given market.
a. Store-brand soup prices are cut, reducing sales of Campbell’s soup. Market: Campbell’s soup.
b. Coffee bean prices hit an 18-month low following a bountiful harvest. Market: coffee beans.
c. A summer heat wave leads to higher prices for bottled water. Market: bottled water.
d. Holidayclothing discounts boost clothing sales. Market: clothing.
e. Apple introduces a tinier and more powerful iPod model. Market: older iPod models.
f. The cost of pesticides increases, leading to a rise in the price of soy beans. Market: soy beans.
4. Given the following data for individuals, draw the market demand curve and market supply curve for CDs. Assume that these are the only individuals in the entire market. Price is per CD.
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