7. Fill in the table below assuming the decrease in the price of soda caused a decrease decrease in the quantity of energy drinks demanded of two units at each of the prices in the original table:
Price ($)
Quantity (‘000s)
10
9
8
7
6
5
4
3
2
1
0
- Draw a new demand curve, showing the effect of the decrease in soda prices.
- Besides a decrease in the price of a substitute good, identify one example of a change in each of the following determinants of demand for energy drinks that could lead to a
fall in demand for energy drinks:
a. The price of a complementary good:
b. The tastes of consumers:
c. Consumer expectations:
d. Size of the market:
10. Discuss four factors that could cause the demand for energy drinks to increase. Illustrate an increase in demand in the graph you drew in number 8.
11. Distinguish between an increase in demand and an increase in the quantity demanded for energy drinks. Do these concepts mean the same thing? Why or why not?
ScholarMatic: Explanation & Answer
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