84D5 10 15 20 25 30 35 40 45 50 55 60Soya beans (millions of kilos)a) Suppose that due to a bad harvest the supply of soya beans is reduced by 50 percent. (The quantities at every price are one-half ofwhat they are at present) Draw the new supply curve in the graph above.b) As a result of the drop in supply, what are the new equilibrium price and quantity?EquilibriumSEquilibrium quantity16O40Activate Windows The graph below shows the market for soya beans:Plot the two end points using the tool provided in the graphing area below. Plot only the end points of the curve and position thosepoints on the edge of the graphing area.0Price per kilo8222 223224201612BS8D Toolsline 4Activate Windows

Supply is defined as the quantity that is supplied by the producer in the economy. If the price of a…

4 5 10 15 20 25 30 35 40 45 50 55 60 Soya beans (millions of kilos) a) Suppose that due to a bad harvest the supply of soya beans is reduced by 50 percent. (The quantities at every price are one-half of what they are at present) Draw the new supply curve in the graph above b) As a result of the drop in supply, what are the new equilibrium price and quantity? Equilibrium price: $1 Equilibrium quantity 40

4 5 10 15 20 25 30 35 40 45 50 55 60 Soya beans (millions of kilos) a) Suppose that due to a bad harvest the supply of soya beans is reduced by 50 percent. (The quantities at every price are one-half of what they are at present) Draw the new supply curve in the graph above b) As a result of the drop in supply, what are the new equilibrium price and quantity? Equilibrium price: $1 Equilibrium quantity 40

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter7: Production, Inputs, And Cost: Building Blocks For Supply Analysis

Section: Chapter Questions

Problem 3TY

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Teresa is a hard-working second-year university student. One Thursday, she decides to work nonstop until she has answered 100 practice problems for her physics course. She starts work at 8:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she gets tired, it takes her longer to solve each problem. Time 8:00 AM 9:00 AM 10:00 AM 11:00 AM Noon Total Problems Answered 0 40 70 90 100 Use the table to answer the following questions. The marginal, or additional, gain from Teresa's second hour of work, from 9:00 AM to 10:00 AM, is The marginal gain from Teresa's fourth hour of work, from 11:00 AM to noon, is problems. problems. Later, the teaching assistant in Teresa's physics course gives her some advice. "Based on past experience," the teaching assistant says, "working on 35 problems raises a student's exam score by about the same amount as reading the textbook for 1 hour." For simplicity, assume students always cover the same number of pages during…
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We have the results from our first Facebook ad campaign. The following table summarizes the results broken down by age and whether the person seeing the add clicked through. Age 40 or under 85 Age more than 40 65 Total Clicked Through 150 Did Not Click 590 260 850 Total 675 325 1000 For our up(combing) (pun intended) campaign, I want to make it as effective as possible, a cut above all other ad campaigns! I'm thinking that since 85 (or 56.7%) of the 150 people who clicked through to our website are age 40 or less, we should focus our ads to only younger people. I'm not great with number though, and since I know you had a stats class in college, I wanted to get your opinion. Should we focus our adds only to those age 40 and under or should we do something else?
Eleanor is a hard-working college junior. One Tuesday, she decides to work nonstop until she has answered 100 practice problems for her physics course. She starts work at 8:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she gets tired, it takes her longer to solve each problem. Time 8:00 AM 9:00 AM 10:00 AM 11:00 AM Noon Total Problems Answered 0 40 70 90 100 Use the table to answer the following questions. The marginal, or additional, gain from Eleanor's first hour of work, from 8:00 AM to 9:00 AM, is The marginal gain from Eleanor's third hour of work, from 10:00 AM to 11:00 AM, is[ Later, the teaching assistant in Eleanor's physics course gives her some advice. "Based on past experience," the teaching assistant says, "working on 25 problems raises a student's exam score by about the same amount as reading the textbook for 1 hour." For simplicity, assume students always cover the same number of pages during each hour they spend reading.…
what are some of the technical advantages that a firm can benefit from selling their products on Amazon versus selling on their own e-commerce web site
Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average total cost (SRATC) each month for various levels of production if it uses one, two, or three factories. (Note: Q equals the total quantity of bikes produced by all factories.) Number of Factories Q = 100 1 2 3 78°F Sunny 440 620 800 F2 Q = 200 F3 280 380 480 O Average Total Cost (Dollars per bike) Q = 300 Q = 400 240 240 320 F4 320 240 240 Suppose Ike's Bikes is currently producing 100 bikes per month in its only factory. Its short-run average total cost is $ F5 Q = 500 480 Suppose Ike's Bikes is expecting to produce 100 bikes per month for several years. In this case, in the long run, it would choose to produce bikes using On the following graph, plot the three SRATC curves for Ike's Bikes from the previous table. Specifically, use the…
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