The following graph shows the market for peanut butter in san francisco, where there are over 1,000 stores that sell peanut butter at any given moment. suppose the surgeon general issues a public statement saying that consuming peanut butter is good for your health. show the effect of this change on the market for peanut butter by shifting one or both of the curves on the following graph, holding all else constant. note: select and drag one or both of the curves to the desired position. curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. demand supply price (dollars per jar) quantity (jars) demand supply now suppose congress passes a new tax that decreases the income of san francisco residents. if peanut butter is a normal good, this will cause the demand for peanut butter to .

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Upscale hotels in the united states recently cut their prices by 20 percent in an effort to bolster dwindling occupancy rates among business travelers. a survey performed by a major research organization indicated that businesses are wary of current economic conditions and are now resorting to electronic media, such as the internet and the telephone, to transact business. assume a company's budget permits it to spend $5,000 per month on either business travel or electronic media to transact business. graphically illustrate how a 20 percent decline in the price of business travel would impact this company's budget set if the price of business travel was initially $1,000 per trip and the price of electronic media was $500 per hour. suppose that, after the price of business travel drops, the company issues a report indicating that its marginal rate of substitution between electronic media and business travel is 1. is the company allocating resources efficiently? explain.

Classify each of the following items as a public good, a private good, a natural monopoly good, or a common resource.(a) measles vaccinations (b) tuna in the pacific ocean (c) airline service in the united states (d) local storm-water system