(BQ) Part 1 book "Microeconomics" has contents: What is economics, the economic problem, demand and supply, efficiency and equity, government actions in markets, global markets in action, utility and demand, possibilities, preferences, and choices, organizing production,.and other contents. | MyEconLab Provides the Power of Practice Optimize your study time with MyEconLab, the online assessment and tutorial system. When you take a sample test online, MyEconLab gives you targeted feedback and a personalized Study Plan to identify the topics you need to review. STUDY PLAN PROBLEMS AND APPLICATIONS You can work Problems 1 to 17 in MyEconLab Chapter 3 Study Plan and get instant feedback. Markets and Prices (Study Plan ) 1. William Gregg owned a mill in South Carolina. In December 1862, he placed a notice in the Edgehill Advertiser announcing his willingness to exchange cloth for food and other items. Here is an extract: Study Plan The Study Plan consists of practice problems taken directly from the end-ofchapter Study Plan Problems and Applications in the textbook. 1 yard of cloth for 1 pound of bacon 2 yards of cloth for 1 pound of butter 4 yards of cloth for 1 pound of wool 8 yards of cloth for 1 bushel of salt a. What is the relative price of butter in terms of wool? b. If the money price of bacon was 20¢ a pound, what do you predict was the money price of butter? how do you expect the following would change: a. The demand for beef? Explain your answer. b. The demand for rice? Explain your answer. 5. In January 2010, the price of gasoline was $ a gallon. By spring 2010, the price had increased to $ a gallon. Assume that there were no changes in average income, population, or any other influence on buying plans. Explain how the rise in the price of gasoline would affect a. The demand for gasoline. b. The quantity of gasoline demanded. Supply (Study Plan ) 6. In 2008, the price of corn increased by 35 per- Unlimited Practice As you work each exercise, instant feedback helps you understand and apply the concepts. Many Study Plan exercises contain algorithmically generated values to ensure that you get as much practice as you need. Learning Resources Registering for Study Plan problems link to learning resources that further .
