Economics (McConnell) AP Edition, 19th Edition

Chapter 3: Demand, Supply, and Market Equilibrium (+ Appendix)

Web-based Questions

1
Farm commodity prices—Supply and demand in action The U.S. Department of Agriculture, www.nass.usda.gov, publishes charts on the prices of farm products. Go to the USDA home page and select Charts and Maps and then Agricultural Prices (under Economics). Choose three farm products and determine whether their prices (as measured by "prices received") have generally increased, decreased, or stayed the same over the past three years. In which of the three cases, if any, do you think that supply has increased more rapidly than demand? In which of the three cases, if any, do you think that demand has increased more rapidly than supply? Explain your reasoning.
2
Changes in demand—Baby diapers and retirement villages Other things equal, an increase in the number of buyers for a product or service will increase -demand. Baby diapers and retirement villages are two -products designed for different population groups. The U.S. Census Bureau Web site, http://www.census.gov/population/www/projections/index.html, shows population projections for the United States. View the population projections for the United States for the next few years (click National, National Population Projections, Summary Tables, Table 2). Which group is growing faster, children under the age of five or senior adults (65 and older)? What products might see an increase in demand because of these population changes?
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