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Textbooks / Business / Principles of Economics 6 / Chapter 4 / Problem Problems and Applications 4.8

Suppose that in the year 2015 the number of births is temporarily high. How does this

Principles of Economics | 6th Edition | ISBN: 9780538453059 | Authors: N. Gregory Mankiw ISBN: 9780538453059 472

Solution for problem Problems and Applications 4.8 Chapter 4

Principles of Economics | 6th Edition

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Principles of Economics | 6th Edition | ISBN: 9780538453059 | Authors: N. Gregory Mankiw

Principles of Economics | 6th Edition

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Problem Problems and Applications 4.8

Suppose that in the year 2015 the number of births is temporarily high. How does this baby boom affect the price of babysitting services in 2020 and 2030? (Hint: 5-year-olds need babysitters, whereas 15-year-olds can be babysitters.)

Step-by-Step Solution:

Step 1 of 2

The prices of goods and services depend upon the demand and supply conditions in the market. If the demand increases while supply remains the same, the prices will rise, but if the supply increases and the demand remains the same, the prices will fall.

Step 2 of 2

Chapter 4, Problem Problems and Applications 4.8 is Solved
Textbook: Principles of Economics
Edition: 6
Author: N. Gregory Mankiw
ISBN: 9780538453059

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Suppose that in the year 2015 the number of births is temporarily high. How does this