What is the equilibrium price for snow boots? Hint: enter your answer as a number only with no $ sign Example: if the answer is $10,000, enter 10,000

Use the following information for the next 3 questions. Assume that craft beer is a normal good and that there have been a number of craft breweries that have gone out of business and exited the market.

Assume that the price of winter gloves (a complement for snow boots) has increased.  This will result in a (an) _______ and a (an) _______ for snow boots.

Use the following information for the next 3 questions. Assume that craft beer is a normal good and that there have been a number of craft breweries that have gone out of business and exited the market.

At lower quantities on the demand curve

Assume that consumers’ incomes have increased and that the demand curve for laptops has shifted to the right.  This means that laptops are a (an) _______ good.

What is the value of the maximum gains from trade? Hint: enter your answer as a number only with no $ sign Example: if the answer is $10,000, enter 10,000

All of the following would shift supply to the right EXCEPT

What is the equilibrium quantity for snow boots? Hint: enter your answer as a number only with no units Example: if the answer is 500 snow boots, enter 500

Assume that there are now 24 snow boots that are purchased and sold in this market (this could be the result of a government subsidy).  What is the value of wasted resources when there are 24 snow boots purchased and sold in this market? Hint: enter your answer as a number only with no $ sign Example: if the answer is $10,000, enter 10,000