Changes

4. Why do grocery stores lower the price of their fruit (such as grapes) when they have an oversupply of ripened fruit?  Explain by citing the downward slope of a demand curve, and describe what happens to this fruit after the grocery store lowers its price.

4. Why do grocery stores lower the price of their fruit (such as grapes) when they have an oversupply of ripened fruit?  Explain by citing the downward slope of a demand curve, and describe what happens to this fruit after the grocery store lowers its price.

5. When the New York Yankees built their new $1.5 billion ballpark, they made a decision about how many "obstructed view" bleacher seats to include.  Due to the design of this new stadium, people sitting in these "obstructed view" bleacher seats could not see all of the field because stadium walls or poles block part of their view.  Before the Yankees decided how many of these seats to build and sell, they asked an expert economist for his advice.  He studied the "supply and demand" in the market, and developed this table:

5. When the New York Yankees built their new $1.5 billion ballpark, they made a decision about how many "obstructed view" bleacher seats to include.  Due to the design of this new stadium, people sitting in these "obstructed view" bleacher seats would not be able to see all of the field because stadium walls or poles or the angle would block part of their view.  Before the Yankees decided how many of these seats to build and sell, they asked an expert economist for his advice.  He studied the "supply and demand" in the market, and developed this table:

{| class="wikitable"

{| class="wikitable"

|-

|-

|$9

|$9

|1000

|1000 (the high sales price => high supply)

|300

|300 (the high sales price => low demand)

|-

|-

|$7

|$7

|-  

|-  

|$3

|$3

|300

|300 (the low sales price => low supply)

|1200

|1200 (the low sales prie => high demand)

|-  

|-  

|}

|}