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Determine if the quantity supplied changed (which means only the price of chocolate has changed), or if the entire supply has changed. If only quantity supplied changed, circle “No Change.” If the entire supply has changed, identify if it was an increase or a decrease, and identify which determinant of supply is responsible.

Determine if the quantity supplied changed (which means only the price of chocolate has changed), or if the entire supply has changed. If only quantity supplied changed, circle “No Change.” If the entire supply has changed, identify if it was an increase or a decrease, and identify which determinant of supply is responsible.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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1. Determine if the quantity supplied changed (which means only the price of chocolate has changed), or if the entire supply has changed. If only quantity supplied changed, circle “No Change.” If the entire supply has changed, identify if it was an increase or a decrease, and identify which determinant of supply is responsible.
DETERMINANTS OF SUPPLY Events That Increase Supply A) Costs of production decrease B) Technology improves C) Sellers expect good things in the future D) More sellers enter the market E) Opportunities in different markets are bad F) Favorable natural events (e.g. weather) Events That Decrease Supply G) Costs of production increase H) Technology becomes outdated I) Sellers expect bad things in the future J) Sellers leave the market K) Opportunities in different markets are good L) Unfavorable natural events (e.g. weather, war, riots, etc.) INTERPRET HEADLINES FROM THE CHOCOLATE MARKET. Heavy Rain in South America Equals Large Crop of Cocoa Beans No Change Increase Decrease Determinant of Supply: High Gas Prices Causing Problems for the Chocolate Industry Increase Determinant of Supply Decrease No Change Companies Expect Valentine's Day Will Be Biggest Chocolate Sales Day in History Increase Decrease No Change Determinant of Supply:
Transcribed Image Text:DETERMINANTS OF SUPPLY Events That Increase Supply A) Costs of production decrease B) Technology improves C) Sellers expect good things in the future D) More sellers enter the market E) Opportunities in different markets are bad F) Favorable natural events (e.g. weather) Events That Decrease Supply G) Costs of production increase H) Technology becomes outdated I) Sellers expect bad things in the future J) Sellers leave the market K) Opportunities in different markets are good L) Unfavorable natural events (e.g. weather, war, riots, etc.) INTERPRET HEADLINES FROM THE CHOCOLATE MARKET. Heavy Rain in South America Equals Large Crop of Cocoa Beans No Change Increase Decrease Determinant of Supply: High Gas Prices Causing Problems for the Chocolate Industry Increase Determinant of Supply Decrease No Change Companies Expect Valentine's Day Will Be Biggest Chocolate Sales Day in History Increase Decrease No Change Determinant of Supply:
Companies Expect Valentine's Day Will Be Biggest Chocolate Sales Day in History No Change Increase Decrease Determinant of Supply: Profits from Fruit-Flavored Candy Skyrocket Increase Decrease No Change Determinant of Supply: Hershey's Chocolate Company Plans to Close Seven Factories No Change Increase Decrease Determinant of Supply: Price of Chocolate Expected to Increase 30% This Year Increase Decrease No Change Determinant of Supply: New Assembly Line Machines Added to Hershey's Chocolate Factory Increase Decrease No Change Determinant of Supply:
Transcribed Image Text:Companies Expect Valentine's Day Will Be Biggest Chocolate Sales Day in History No Change Increase Decrease Determinant of Supply: Profits from Fruit-Flavored Candy Skyrocket Increase Decrease No Change Determinant of Supply: Hershey's Chocolate Company Plans to Close Seven Factories No Change Increase Decrease Determinant of Supply: Price of Chocolate Expected to Increase 30% This Year Increase Decrease No Change Determinant of Supply: New Assembly Line Machines Added to Hershey's Chocolate Factory Increase Decrease No Change Determinant of Supply:
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