a. Use the figure to fill in the quantity supplied given supply curve S, for each price in the following table (second column, gray-shaded cells). Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. S1 Quantity Supplied S2 Quantity Supplied |Change in Quantity Supplied Price 3 4 2 b. If production costs were to increase, the quantities supplied at each price would be as shown by the third column of the table ("S, Quantity Supplied"). Use those data to draw supply curve S, using the graph below. Instructions: On the graph below, use your mouse to click and drag supply curve S, as necessary, or you may move the individual points. 5 4 s, 2 1 10 15 20 Quantity supplied c. In the fourth column (gray-shaded cells) of the table in part a, enter the amount by which the quantity supplied at each price changes due to the increase in product costs. (Use positive numbers for increases and negative numbers for decreases.) d. Did the increase in production costs cause a "decrease in supply" or a "decrease in quantity supplied"?

a. Use the figure to fill in the quantity supplied given supply curve S, for each price in the following table (second column, gray-shaded cells). Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. S1 Quantity Supplied S2 Quantity Supplied |Change in Quantity Supplied Price 3 4 2 b. If production costs were to increase, the quantities supplied at each price would be as shown by the third column of the table ("S, Quantity Supplied"). Use those data to draw supply curve S, using the graph below. Instructions: On the graph below, use your mouse to click and drag supply curve S, as necessary, or you may move the individual points. 5 4 s, 2 1 10 15 20 Quantity supplied c. In the fourth column (gray-shaded cells) of the table in part a, enter the amount by which the quantity supplied at each price changes due to the increase in product costs. (Use positive numbers for increases and negative numbers for decreases.) d. Did the increase in production costs cause a "decrease in supply" or a "decrease in quantity supplied"?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The figure below shows the supply curve for tennis balls, S, for Drop Volley Tennis, a producer of tennis equipment. Use the figure
and the table below to give your answers to the following questions.
4
1
10
15
20
Quantity supplied
a. Use the figure to fill in the quantity supplied given supply curve S, for each price in the following table (second column, gray-shaded
cells).
Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers.
S1 Quantity
Supplied
S2 Quantity
Supplied
Change in Quantity
Supplied
Price
$
3
4
2
1
b. If production costs were to increase, the quantities supplied at each price would be as shown by the third column of the table ("S,
Quantity Supplied"). Use those data to draw supply curve S, using the graph below.
Instructions: On the graph below, use your mouse to click and drag supply curve S, as necessary, or you may move the individual
points.
5
4
3
s,
1
5
10
15
20
Quantity supplied
c. In the fourth column (gray-shaded cells) of the table in part a, enter the amount by which the quantity supplied at each price changes
due to the increase in product costs. (Use positive numbers for increases and negative numbers for decreases.)
d. Did the increase in production costs cause a "decrease in supply" or a "decrease in quantity supplied"?
(Click to select)
Price
Price

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