What will happen to the equilibrium price and quantity of butter in each of the following cases? You should state whether demand or supply (or both) h
What will happen to the equilibrium price and quantity of butter in each of the following cases? You should state whether demand or supply (or both) have shifted and in which direction. (In each case assume ceteris paribus.)
\r\n(a) A rise in the price of non-dairy spread.
\r\n(b) A rise in the demand for cream.
\r\n(c) A rise in the price of bread.
\r\n(d) A rise in the demand for bread.
\r\n(e) An expected rise in the price of butter in the near future.
\r\n(f) A tax on butter production.
\r\n(g) The invention of a new, but expensive, process for removing all saturated fat from butter, alongside the passing of a law which states that all butter producers must use this process.