This would lead to which of the following effects in the market for magazines, ceteris paribus. The price of magazines rises but the effect on quantity is unclear b. The price of magazines falls but the effect on quantity is unclear c. The quantity of magazines falls but the effect on price is unclear d. However, during the years following Michael Jordan s return to the Chicago Bulls, a 10 percent increase in ticket prices only led to a 2 percent decrease in the quantity of tickets sold.
Total revenue stays constant when the prices rise.
A certain country produces only two goods, wheat and beef. The country s Production Possibilities Frontier is negatively sloped and outwardly bowed from the origin. Production Possibilities Frontier Kenya when it devotes all of its resources to coffee production which yields 1000 tons of coffee and no tea and can also devote all of its resources to tea production which yields 3000 tons of tea and no coffee. Now assume that resources are specialized, with some resources better suited for coffee production and other resources better suited for tea production. Show the effect of the introduction of new disease resistant yield on coffee production.