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Optimize your study time with MyEconLab, the online assessment
and tutorial system. When you take a sample test online,
MyEconLab
gives you targeted feedback and a personalized
Study Plan to identify the topics you need to review.
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Learning Resources
Study Plan problems link to learning resources
that further reinforce concepts you need to
master.
Step-by-step
Guided Solutions
help you
break down a problem much the same way
as an instructor would do during office
hours. Guided Solutions are available for
select problems.
Links to the
eText
promote reading of the text
when you need to revisit a concept or
explanation.
Animated graphs,
with audio narration,
appeal to a variety of learning styles.
A
graphing tool
enables you to build and
manipulate graphs to better understand how
concepts, numbers, and graphs connect.
how do you expect the following would change:
a.The demand for beef Explain your answer.
b.The demand for rice Explain your answer.
5.In January 2010, the price of gasoline was
$2.70 a gallon. By spring 2010, the price had
increased to $3.00 a gallon. Assume that there
were no changes in average income, popula-
tion, or any other influence on buying plans.
Explain how the rise in the price of gasoline
would affect
a.The demand for gasoline.
b.The quantity of gasoline demanded.
Supply
(Study Plan 3.3)
6.In 2008, the price of corn increased by 35 per-
Markets and Prices
(Study Plan 3.1)
1.William Gregg owned a mill in South Carolina.
In December 1862, he placed a notice in the
Edgehill Advertiser
announcing his willingness
to exchange cloth for food and other items.
Here is an extract:
1 yard of cloth for 1 pound of bacon
2 yards of cloth for 1 pound of butter
4 yards of cloth for 1 pound of wool
8 yards of cloth for 1 bushel of salt
a.What is the relative price of butter in terms of
wool
b.If the money price of bacon was 20 a pound,
what do you predict was the money price of
butter
You can work Problems 1 to 17 inMyEconLab Chapter 3 Study Plan and get instant feedback.
STUDY PLAN PROBLEMS AND APPLICATIONS
Study Plan
The Study Plan
consists of practice problems
taken directly from the end-of-
chapter Study Plan Problems and
Applications in the textbook.
Unlimited Practice
As you work each
exercise, instant feedback helps you
understand and apply the concepts. Many
Study Plan exercises contain algorithmically
generated values to ensure that you get as
much practice as you need.
MICROECONOMICS
TENTHEDITION
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