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learned in this chapter, explain what he meant to say was happening
in the market for Indian workers in outsourcing jobs. In particular, is
demand for Indian workers increasing or decreasing? Is the supply of
Indian workers increasing or decreasing? Which is shifting faster? How
do you know?
13. For more than a century, milk producers have produced skim milk,
which contains virtually no fat, along with regular milk, which contains
4% fat. But a century ago, skim milk accounted for only about 1% of
total production, and much of it was fed to hogs. Today, skim and
other reduced-fat milks make up the bulk of milk sales. What curve
shifted, and what factor shifted it?
14. Suppose firms in the economy were to produce fewer goods and
services. How do you think this would affect household spending on
goods and services? (Hint: Use the circular flow model to analyze this
question.)
15.
NUMERICAL PROBLEMS
Problems 1–5 are based on the graph below.
Figure 3.26
1. At a price of $1.50 per dozen, how many bagels are demanded per
month?
Attributed to Libby Rittenberg and Timothy Tregarthen
Saylor URL: />
Saylor.org
177
