Given the following features, describe the effect of each of the following in terms of whether it would increase or decrease the demand or the quantity demand for milk. Be very specific in answering. Just one line answers for each point.
a. An increase in milk prices.
b. A doctors announce that drinking daily one glass of milk will help children and elderly gain strength to fight corona virus
c. People turn vegan.
d. A health drink is launch at a lower price as a milk substitute .
e. The population less than 10 years of age increases in the city.
Answers
Given : Few statements
To Find : describe the effect of each of the following in terms of whether it would increase or decrease the demand or the quantity demand for milk.
Solution:
a. An increase in milk prices.
decrease the demand or the quantity demand for milk. as this will keep our all expense in control
b. A doctors announce that drinking daily one glass of milk will help children and elderly gain strength to fight corona virus
increase the demand or the quantity demand for milk as people will follow the doctor instruction
c. People turn vegan.
decrease the demand or the quantity demand for milk as vegan people does not consume milk or dairy products
d. A health drink is launch at a lower price as a milk substitute .
decrease the demand or the quantity demand for milk as people will prefer health drink.
e. The population less than 10 years of age increases in the city.
increase the demand or the quantity demand for milk as child need more milk than elders.
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describe the effect of each of the following in terms of whether it would increase or decrease the demand or the quantity demand for milk.
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