Homework Help: Microeconomics

Posted by Tami on Friday, July 20, 2007 at 9:44am.

For each of the following situations for the egg market, describe what the impact on the equilibrium price and equilibrium quanity would be.

1-A sureon general warns that high-cholesterol foods cause heart attacks.
- This would cause the price to drop and the quanity to increase

2-The prices of bacon, a complementary product, decrease.
-This would cause egg prices to increase and the quanity to decrease.

3-An increase in the price of chicken feed occurs.
-This would increase the price, but the quanity would stay the same.

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