1. What has happened to the price of Pete's fresh turnip pies recently?पAs the price people are willing to pay Sor petes pies has ricen.2. How has Pete's actions illustrated the Law of Supply?fete has Kept busy increasing the huorber of pies he makes cach day.Part BOn the attached greh paper, draw the Supply Curve for the Supply Schedule below.Barber Shop Supply SchedulePrice per$6Quantity of Haircuts Supplied per day20$8$10$12$14$16405060703. When the price of a haircut goes down, in what direction does the quantity supplied moveon the Supply Curve? Why?4. The price of a haircut recently rose significantly, but Anton decided he could get alongwith the same number of workers (i.e. he did not raise his supply) What might happenas a result?

Supply is an integral part of an economy which determines the quality of the good supplied at the…

Part B On the attached greh paper, draw the Supply Curve for the Supply Schedule below. Rarber Shop Supply Schedule Price per Auantity of Haircuts Supplied per day $6 20 $8 $10 $12 $14 $16 40 50 60 70 3. When the price of a haircut goes down, in what direction does the quantity supplied move on the Supply Curve? Why? 4. The price of a haircut recently rose significantly, but Anton decided he could get along with the same number of workers (i.e. he did not raise his supply) What might happen as a result?

Part B On the attached greh paper, draw the Supply Curve for the Supply Schedule below. Rarber Shop Supply Schedule Price per Auantity of Haircuts Supplied per day $6 20 $8 $10 $12 $14 $16 40 50 60 70 3. When the price of a haircut goes down, in what direction does the quantity supplied move on the Supply Curve? Why? 4. The price of a haircut recently rose significantly, but Anton decided he could get along with the same number of workers (i.e. he did not raise his supply) What might happen as a result?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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