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Microeconomics, 15/e
Campbell R. McConnell, University of Nebraska, Emeritus
Stanley L. Brue, Pacific Lutheran University
Chapter 3 Individual Markets: Demand and Supply
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Web-Based Questions
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Web-Based Questions
- Web-Based Question: Farm commodity
prices-supply and demand in action The U.S. Department of Agriculture,
www.usda.gov/nass, publishes charts on the prices of farm products.
Go to the USDA home page and select Graphics. Choose three farm products of
your choice and determine whether their prices (as measured by "prices
received by farmers") have generally increased, decreased, or stayed
the same over the past three years. In which of the three cases, if any, do
you think that supply has increased more rapidly than demand? In which of
the three cases, if any, do you think that demand has increased more rapidly
than supply? Explain your reasoning.
- Web-Based Question: Changes in demand-baby
diapers and retirement villages Other things equal, an increase in
the number of buyers for a product or service will increase demand. Baby diapers
and retirement villages are two products designed for different population
groups. The U.S. Census Bureau website, www.census.gov/ipc/www/idbpyr.html,
provides population pyramids (graphs that show the distribution of population
by age and sex) for countries for the current year, 2025, and 2050. View the
population pyramids for Mexico, Japan, and the United States. Which country
do you think will have the greatest percentage increase in demand for baby
diapers in the year 2050? For retirement villages? Which country do you think
will have the greatest absolute increase in demand for baby diapers? For retirement
villages?
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Interactive Graphs
Origin of the Idea
Analogies, Anecodotes, and Insights