Answered: The Cherry Blossom Festival is coming…

The Cherry Blossom Festival is coming to Georgia. How will it affect the demand for pink ribbons and shirts(Cherry Blossom Festival Merchandise)?Draw a diagram to illustrate your answer?

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section: Chapter Questions

Problem 3WNG

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Question

The Cherry Blossom Festival is coming to Georgia. How will it affect the demand for pink ribbons and shirts(Cherry Blossom Festival Merchandise)?Draw a diagram to illustrate your answer?

Expert Solution

Step 1 Determinants of demand

In economics, we know that there are various determinants of demand. Amongst them, the most pervasive is the own price of the good, but there are other determinants that affect the demand of a commodity, such as the price of substitute/complementary goods, population, income, taste and reference etc.

Dx = f(Px, Pr, Y, N, T)

where Dx is the demand for a good

f is the 'function of'

Px is the own price of the good

Pr is price of related goods

Y is the income

N is the population

T is the taste and preference

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