Consider the market supply of tortillas. Complete the following table by indicating whether an event will cause a movement along the supply curve for tortillas or a shift of the supply curve for tortillas, holding everything else constant. Event A change in expectations about the future price of tortillas An increase in the price of tortillas A decrease in the number of producers Movement Along Shift O O O O O

Consider the market supply of tortillas. Complete the following table by indicating whether an event will cause a movement along the supply curve for tortillas or a shift of the supply curve for tortillas, holding everything else constant. Event A change in expectations about the future price of tortillas An increase in the price of tortillas A decrease in the number of producers Movement Along Shift O O O O O

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

Consider the market supply of tortillas.
Complete the following table by indicating whether an event will cause a movement along the supply curve for tortillas or a shift of the supply curve
for tortillas, holding everything else constant.
Event
A change in expectations about the future price of tortillas
An increase in the price of tortillas
A decrease in the number of producers
Movement Along Shift

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Step 1: Determine the determinants of supply curve:

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Step 2: Determine the effect on supply curve due to change in expectation about future price:

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Step 3: Determine the effect of increase in price of tortillas on supply curve:

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Step 4: Determine the effect of decrease in producer on supply curve:

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