Figure 4-16 ↑price S S quantity Refer to Figure 4-16. If the supply curves that are drawn represent supply curves for single-family residential houses, then the movement from S to S' could be caused by a(n) a. increase in the price of apartments which are a substitute for single-family houses for many people looking for a place to live. b. newly-formed expectation by house-builders that prices of houses will increase significantly in the next six months. c. decrease in the price of lumber. d. All of the above are correct.

Figure 4-16 ↑price S S quantity Refer to Figure 4-16. If the supply curves that are drawn represent supply curves for single-family residential houses, then the movement from S to S' could be caused by a(n) a. increase in the price of apartments which are a substitute for single-family houses for many people looking for a place to live. b. newly-formed expectation by house-builders that prices of houses will increase significantly in the next six months. c. decrease in the price of lumber. d. All of the above are correct.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

4. What is the price at which the quantity of goods demanded, and the quantity of goods supplied are equal A) The going rate B) The margin rates C) The market price D) The optimum price
6. How will the following events affect equilibrium price and quantity for the product highlighted in italics? In each case, identify how the supply or demand curve shifts. a. A drop in consumer incomes influences the demand for dry cleaning b. Declining numbers of law school graduates affect the supply of legal services c. Consumer expectations that the price of turkeys will soon rise affect the current demand for turkeys d. A cost-saving technological innovation influences the supply of rice
On January 1st, 2022 every economics major at NYU had to choose one of the following two options: (a) take $10 today, (b) forgo $10 today, and get $15 on December 31st, 2022. Suppose John Doe, chose option (a), and picked up $10 on January 1st. Use this information to solve for John’s minimum discount rate. (Recall, r is the discount rate and (1 + r) is the discount factor.) Given the information above, what do we know about the discount rate of Jane Doe if she chose option (b)?
Directions: In the space provided, draw supply and demand for each of the following prompts. Label your axes with price and quantity. 1. Change in quantity demand caused by price 2. Change in quantity supply caused by price 3. Shift in Demand right and left caused by TIRES 4. Shift in Supply right and left caused by TIGERS
Quantity Demanded 400,000 330,000 260,000 200,000 150,000 100,000 Price of Apples Quantity Supplied 40,000 60,000 120,000 200,000 300,000 420,000 10 20 30 40 50 6. Using the table above plot the information in a supply and demand graph 7. At what quantity and price (market price) is there an equilibrium? 8. At what price is their excess demand? 9. At what price is their excess supply? 10. If there is excess demand what do you think will happen? 11. If there is excess supply what do you think will happen?
7. Movements along versus shifts of supply curves Consider the market supply of donuts. Complete the following table by indicating whether an event will cause a movement along the supply curve for donuts or a shift of the supply curve for donuts, holding all else constant. Event A decrease in the number of producers A decrease in the price of labor (used in the production of donuts) A decrease in the price of donuts Movement Along Shift
1. Use the market model of supply and demand to illustrate and explain the impact of the following events on the market for coffee. Make sure to identify which side(s) of the market is impacted, explain why it is impacted, how it is impacted, and the overall impact on the equilibrium price and quantity. a) The price of tea goes up by 100 percent. b) A study is released that links consumption of caffeine to increased incidence of cancer. c) Workers in the coffee industry unionize and negotiate higher wages.
7. Movements along versus shifts of supply curves Consider the market supply of hot dogs. Complete the following table by indicating whether an event will cause a movement along the supply curve for hot dogs or a shift of the supply curve for hot dogs, holding all else constant. Event Movement Along Shift A change in technology that makes it less costly to produce hot dogs An increase in the price of hot dogs A decrease in the number of producers
Figure 4-4 Supply B A P Q' QUANTITY Refer to Figure 4-4 . The movement from point A to point B on the graph is caused by a. an increase in the price of the good. b. a decrease in the price of the good. c. an advance in production technology. d. a decrease in input prices. PRICE
1-8 please