1. There is an increase in the cost of materials for producing bicycles. (4 pts.) What happens to bicycle supply? What happens to bicycle demand?
2. Digital cameras and memory cards are complements in consumption. The price of digital cameras falls.What happens to the demand for memory cards? (6 pts.) What happens to the demand for digital cameras?
3. The number of corn producers increases. (4 pts.) What happens to the supply of corn? What happens to the demand for corn?