am i correct? any changes or suggestions to be made? ### Market Supply and Individual Supply Curves#### Graph Explanation:The graph displayed plots the relationship between the price of ice cream cones (in dollars per cone) and the quantity of cones supplied. - **Y-Axis (Vertical Axis):** Represents the price of ice cream cones, ranging from $0 to $5 per cone.- **X-Axis (Horizontal Axis):** Represents the quantity of ice cream cones, ranging from 0 to 24 cones.The graph contains three different curves, each denoted by distinct color-coded markers and linked to different suppliers:1. **Carlos’s Supply (Green Triangles):** This curve shows the quantity of cones Carlos is willing to supply at various price points.2. **Deborah’s Supply (Purple Diamonds):** This curve shows the quantity of cones Deborah is willing to supply at various price points.3. **Market Supply (Orange Squares):** This curve represents the combined quantity of cones that Carlos and Deborah are willing to supply at various price points.The individual supply curves of Carlos and Deborah are aggregated to form the market supply curve. As the price increases, both Carlos and Deborah supply a higher quantity of cones.#### Analytical Scenario:"Suppose that Deborah's twin brother, who can also make ice cream cones, moves to the area, adding another producer in the market. As a result, there will be a **shift of** [the dropdown selection] **the market supply curve because there will be a change in quantity supplied due to a change in price**."This scenario prompts students to consider the impact of an additional supplier on the market supply curve:- An increase in the number of producers will result in a **rightward shift** of the market supply curve because the total quantity of cones supplied at each price point will increase.- It is important to note that the change is due to the addition of a new producer, not due to any change in the price of the cones.This teaching point emphasizes the broader concept in economics where market supply is influenced by the number of producers and can shift as new businesses enter or exit the market. ### Ice Cream Cone Supply ScheduleSuppose that Carlos and Deborah are the only suppliers of ice cream cones in a particular market. The following table shows their monthly supply schedules:| Price (Dollars per cone) | Carlos's Quantity Supplied (Cones) | Deborah's Quantity Supplied (Cones) ||--------------------------|-----------------------------------|------------------------------------|| 1 | 0 | 5 || 2 | 4 | 9 || 3 | 6 | 12 || 4 | 7 | 14 || 5 | 8 | 15 |This table details the quantity of ice cream cones supplied by Carlos and Deborah at different price points. - At a price of $1 per cone, Carlos supplies 0 cones while Deborah supplies 5 cones.- At a price of $2 per cone, Carlos supplies 4 cones while Deborah supplies 9 cones.- At a price of $3 per cone, Carlos supplies 6 cones while Deborah supplies 12 cones.- At a price of $4 per cone, Carlos supplies 7 cones while Deborah supplies 14 cones.- At a price of $5 per cone, Carlos supplies 8 cones while Deborah supplies 15 cones.These supply schedules help to understand how the quantity supplied by each supplier varies with changes in price.

Since you have asked multiple questions, only the first one has been answered. As the supply…

Carlos's Supply Deborah's Supply Market Supply 12 18 20 24 QUANTITY (Cones) Now, suppose that Deborah's twin brother, who can also make ice cream cones, moves to the area, adding another producer in the market. As a result, there will be a shift of the market supply curve because there will be a change in quantity supplied due to a change in price PRICE (Dollars per cone)

Carlos's Supply Deborah's Supply Market Supply 12 18 20 24 QUANTITY (Cones) Now, suppose that Deborah's twin brother, who can also make ice cream cones, moves to the area, adding another producer in the market. As a result, there will be a shift of the market supply curve because there will be a change in quantity supplied due to a change in price PRICE (Dollars per cone)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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