1. In our story of Tom, the student confronted with a web design assignment, we emphasized the great urgency of his desire for web tutoring. Many people would say that Tom had an "absolute need" for web help and therefore was ready to "pay anything" to get it. If this were true, what shape would his demand curve have? Why isn't this realistic? LO3-1
2. How did Samsung's unveiling of the Galaxy S5 affect the demand for the S4 (News, p. 51)? What determinant(s)
of demand changed? How did Walmart's price cut compensate? LO3-1
3. With respect to the demand for college enrollment, which of the following would cause (1) a movement along the demand curve or (2) a shift of the demand curve? LO3-4
a. An increase in incomes.
b. Lower tuition.
c. More student loans.
d. An increase in textbook prices.