Principles of Microeconomics

Can someone assist me with these questions?

 

Students will answer each critical thinking questions with a minimum of 200 words.

Critical Thinking Questions:

1. Explain why the following statement is false: “In

the goods market, no buyer would be willing to pay

more than the equilibrium price.”

2.  Explain why the following statement is false: “In

the goods market, no seller would be willing to sell for

less than the equilibrium price.”

3.  Consider the demand for hamburgers. If the price

of a substitute good (for example, hot dogs) increases

and the price of a complement good (for example,

hamburger buns) increases, can you tell for sure what

will happen to the demand for hamburgers? Why or why

not? Illustrate your answer with a graph.

4.  How do you suppose the demographics of an aging

population of “Baby Boomers” in the United States will

affect the demand for milk? Justify your answer.

5.  Other than the demand for labor, what would be

another example of a “derived demand?”