With the aid of a diagram, show the effect of the following changes on the equilibrium price, quantity and equilibrium point. Market for housing: increase in the number of marriages and increase in the price of construction materials. Market for beer: Government imposes a sales tax on beer. Market for maize: Increase in the number of maize farmers and increase in consumer taste for maize

Economics:
10th Edition
ISBN:9781285859460
Author:BOYES, William
Publisher:BOYES, William
Chapter3: The Market And Price System
Section: Chapter Questions
Problem 1E
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With the aid of a diagram, show the effect of the following changes on the equilibrium price, quantity and equilibrium point.

  1. Market for housing: increase in the number of marriages and increase in the price of construction materials.
  2. Market for beer: Government imposes a sales tax on beer.
  3. Market for maize: Increase in the number of maize farmers and increase in consumer taste for maize
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