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CSU MISY 341 - Module 2

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Module 2 EconActivity 1:- Read Tucker, Irvin B. Economics for Today . 4th. Edition. Chapters 3 and 4.- Read chapter 2 of EconWeb.- Visit CyberEconomics and read the Supply and Demand Model.Activity 2: 1. False: I said false because there is a competitive narrative between different means that I can choose pork over beef.2. False: I said false because she is bringing in more money, which means she can buy more than she did before.3. True: I picked true because the majority of the household wanted sprite, so they chose to pick it instead 7-up. They had the choice. Activity 3: Answer the following questions in grammatically correct sentences1. I disagree because there is a difference. The change in quantity can change the out come of the demand for that product. Change in demand is direct movement in demand of product but can keep the same price all while the demand for a product changes. 2. The difference between normal good and inferior good is that Normal goods is based on fluctuation of income can increase to a demand to goods inferior Goods is based on fluctuations of income in where if the income increase the urge for demand of goods decreases. . 3. Complementary Goods are goods that are used together and are used for the same purpose. Forexample PlayStation and a PlayStation game is an example of a complementary good.Supplementary goods are goods that are used together. Both goods show the difference in changes in the demand other than the changes in quality. Supplementary goods have a negative cross elasticity of demand.4. Advantages of the price system consist of flexibility meaning if the demand changes the price system can adjust quickly. Another advantage is that it give information that tells producers how much their products will cost to make. A disadvantage of the price system is instability whichmeans that the flexibility can be unstable and not on point. Another disadvantage is there can be errors is public goods, such as failure to assign cost of public goods. 5. Predict what will happen to either supply or demand in the following situations:a. Several new companies enter the home computer industry. – There will be an overflow ofsupplies so the demand for the product will not change.b. Consumers suddenly decide large cars are unfashionable.- The demand will go drown for the cars because people aren’t interested in the car which mean that the product May stop being made.c. The U.S. surgeon general issues a report that tomatoes prevent colds.- The demand will go up because people want to have immunity to colds and especially during the winter. The want for the good will go up. d. A new type of robot is invented that will pick peaches.- The supply of peaches will go up because there is a robot picking faster and more. There will be more than before especially if a human was picking

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