5. Let (inverse) demand be Pb = 91 - 3 Qb and (inverse) supply be Pv = 15 + 2 Qv. Consider the shift in supply illustrated (the intercept of Pv moves by 6), how much does the quantity traded change? Answer: your answer Price ($) $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 $0 5 Demand 10 Submit Supply 15 Quantity Eqm 20 S+ shift 25 30 35

5. Let (inverse) demand be Pb = 91 - 3 Qb and (inverse) supply be Pv = 15 + 2 Qv. Consider the shift in supply illustrated (the intercept of Pv moves by 6), how much does the quantity traded change? Answer: your answer Price ($) $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 $0 5 Demand 10 Submit Supply 15 Quantity Eqm 20 S+ shift 25 30 35

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Similar questions

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A nomadic tribe in Lapland spends all its productive time hunting reindeer. Someof the reindeer meat is kept for consumption and the remainder is sold at a nearbytrading station in return for other goods. It is observed that when the price ofreindeer meat increases the amount the tribe is willing to supply decreases.(a) Sketch this situation in a diagram, with axes ‘reindeer meat’ and ‘all othergoods’. (Hint: locate the production position and sketch the consumptionopportunities line before and after the price change).(b) Determine if reindeer meat is an inferior good to the tribe?(Hint: consider what happens to the consumption position).(c) How does the analysis change if the tribe can hunt and trade fish as well as thereindeer? (Hint: now label the axes ‘reindeer meat’ and ‘fish’ and considerboth the production and consumption decisions
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