Activity 2: Determinants of Supply Visible groups F3 Give one (1) example for each of the non-price determinants of supply. Explain what kind of shift will that particular determinant will cause to the supply curve. Example: 1. COST OF FACTORS OF PRODUCTION When labor costs increased, the total cost of production also increased which caused the supply to be decreased. This has resulted to a LEFTWARD shift in the supply curve.

Activity 2: Determinants of Supply Visible groups F3 Give one (1) example for each of the non-price determinants of supply. Explain what kind of shift will that particular determinant will cause to the supply curve. Example: 1. COST OF FACTORS OF PRODUCTION When labor costs increased, the total cost of production also increased which caused the supply to be decreased. This has resulted to a LEFTWARD shift in the supply curve.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Discussion 1-3: Essential Concept - Supply & Demand Using your understanding of supply, demand and price, answer the following questions. Try to be brief with each. 1. Why has college become so expensive? (Hint: tell me about WHAT has driven up the demand for college) 2. Will we run out of oil one day? (Hint: tell me about what declining supply of oil does to price and then, what that price does to the demand for oil) 3. Why is there traffic? (Hint: tell me about what the price to drive "freeways" does to the demand to drive on them OR what the price to build "freeways" does to the supply of "freeways" OR what the supply of homes near one's job does to the demand to use "freeways") 4. What happens to the wage of low-skilled workers when you add more low-skilled workers to the labor market? (Hint: tell me about what an increase in supply does to price)
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Pricel 100 80 50 20 10 25 Supply 40 50 Demand Quantity Use the graph above to answer the following questions. The following points are on the demand curve: (10,80), (25,50), (40,20). The following points are on the supply curve: (10,20), (25,50), (40,80). Do not use dollar signs. Round to two decimal places. a) What price will consumers pay if the government promises to pay producers $80 per bushel and encourage producers to sell all of their production? b) What price will producers get if the government promises to pay producers $80 per bushel and encourage producers to sell all of their production? c) The government has promised to make up the difference between the price they promise producers and the price that consumers pay for the product. Calculate the deficiency payment in this case for all units produced.
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