According to the theory of supply and demand:(select all that apply) A) As employment rises above full employment, wages will fall B) As employment falls below full employment, wages will fall or stagnate. C) There is no relation between employment levels and wages. D) As employment falls below full employment, wages will rise. E) As employment rises above full employment, wages will rise
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- 8) Indicate whether each of the following situations would shift the supply curve to the left, to the right, or not at all.( write along each sub question) An increase in the number of firms in the market An increase in the current price of the product A decrease in productivity An increase in the expected future price of a product A decrease in the price of an input12.) Which of the following is NOT a supply shifter? a.) Change in technology b.) Change in the price of complements c.) Change in the price of inputs d.) Expectations of future price(Figure: Supply Shift) What would cause the supply curve to shift from S2 to S1 as shown in the diagram? Price $100 S2 80 60 40 20 10 20 30 40 50 Quantity a decrease in the costs of production an expected decrease in the future price of the good a decrease in the opportunity costs of producing the good an increase in the prices of inputs used in production
- 4) Suppose the supply curve for a product is given by Q³x = -300 + 4Px + 2Pz and Px = 30, P₂ = 40. Graph this supply curve and show what happens to this supply curve if the price of Z goes up by $10. (Show the exact numbers for y-intercepts)15. Explain whether each of the following events represents (i) a shift in the supply curve or (ii) a movement along the supply curve a) More homeowners put their houses up for sale during a real estate boom that causes house prices to rise b) Immediately after the school year begins, fast food chains must raise wages to attract workers.7. Movements along versus shifts of supply curves Consider the market supply of peanut butter. Complete the following table by indicating whether an event will cause a movement along the supply curve for peanut butter or a shift of the supply curve for peanut butter, holding all else constant. Event Movement Along Shift An increase in the price of labor (used in the production of peanut butter) A decrease in the price of peanut butter A change in technology that makes it less costly to produce peanut butter
- 4. Consider the following price-demand equation for a product, assuming price and demand are both positive: p = 50 -0.125x² (0 ≤ x ≤20) a) ( ( Write the demand (x) as a function of price (p) b) 4) If the price of the product is decreased, will the demand increase or decrease? ' If the price of the product is currently $20 and is decreased by 15%, by what percentage will the demand change? d) Find the interval for which the demand is elastic e) (^) Find the interval for which the demand is inelasticWhat effect over the last decade, has the increasingly efficient and inexpensive technology of online college courses had on the college textbook market? Question 48 options: a) The demand for physical textbooks have steadily decreased, and as a result more publishing companies are having less demand for high skilled textbook editor jobs. b) The demand for textbooks has declined resulting in publishing companies increasing their demand of textbook editor jobs. c) The demand for textbook has increased as well as the supply. d) The supply for college textbooks has increased as a result there are fewer textbook publishing companies.1.) Given the products below and the events that affect them, indicate what happens to demand and/or supply, and the equilibrium price and quantity. In each space, indicate whether the event shifts demand (D) and/or supply (S), and whether it is an increase (1) or decrease (1) in the curve. Then, indicate whether price (P) increases (1) or decreases (1), and whether quantity (Q) increases (1) or decreases (1). If the outcome is indeterminate, use "?". If nothing happens, leave the space blank. (a) (b) (c) (d) (e) Products and Events. Blue jeans. Blue jeans become more popular. Apples. The price of oranges, a substitute for apples, goes down. Economics textbooks. Textbook authors receive an increase in the amount they are paid per textbook sold. Soda. The price of sugar, an input in soda, increases. College courses. Instructors' wages increase. D S P Q
- 17)Which of the following is (are) consistent with the law of demand? * a)Both (b) and (c) above. b)As the price of a good falls, the quantity demanded of the good falls. c)As the price of a good rises, the quantity demanded of the good rises. d)As the price of a good rises, the quantity demanded of the good falls.6. What is the difference between a change in quantity demanded and a change in demand? ) of the own commodity under The fundamental determinant of demand is the (_p consideration: a change in price causes movement along the commodity's demand curve. This movement is called a (change in quantity demanded, change in demand). Decreased price leads to movement down the demand curve: There is a(n) (_increase, decrease ) in quantity demanded. Increased price leads to movement up the demand curve: There is a(n) ( increase, decrease ) in quantity demanded. In addition, there are determinants ( also called factors or shifters) of demand, which are factors that may shift the demand curve, i.e., cause a "change in demand." These are the number of buyers, the tastes (or desire) of the buyers for the commodity, the income of the buyers, the changes in price of related commodities (substitutes and complements), and expectations of the buyers regarding the future price of the commodity under…2. Complete the following table by indicating whether each event will cause a movement along the supply curve for wheat, or a shift of the supply curve for wheat, holding all else constant. Event Movement Along Shift a) An increase in the price of wheat b) An increase in the price of straw, a good produced from the same inputs and in the same industry as wheat c) Technological progress leading to a reduction in costs of production.