Graphically show how each of the following shifts the supply curve. Also identify which factor of supply is being affected in each case. a) You are an Oil seller. You hear that after 2 months, the price of Oil will go down. How will it affect your current supply of Oil? b) Beef and Leather are complements in production. If the price of Beef increases, how will it affect the supply of Leather? c) If the price of Potatoes increases, how does it affect the supply of French Fries?
Graphically show how each of the following shifts the supply curve. Also identify which factor of supply is being affected in each case. a) You are an Oil seller. You hear that after 2 months, the price of Oil will go down. How will it affect your current supply of Oil? b) Beef and Leather are complements in production. If the price of Beef increases, how will it affect the supply of Leather? c) If the price of Potatoes increases, how does it affect the supply of French Fries?
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter4: The Market Forces Of Supply And Demand
Section: Chapter Questions
Problem 3QR
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Graphically show how each of the following shifts the supply curve. Also identify which factor of supply is being affected in each case.
a) You are an Oil seller. You hear that after 2 months, the price of Oil will go down. How will it affect your current supply of Oil?
b) Beef and Leather are complements in production. If the price of Beef increases, how will it affect the supply of Leather?
c) If the price of Potatoes increases, how does it affect the supply of French Fries?
![Variable
A Change in This Variable .. .
Represents a movement along the
supply curve
Price of the good itself
Input prices
Shifts the supply curve
Technology
Shifts the supply curve
Expectations
Shifts the supply curve
Number of sellers
Shifts the supply curve
Price of Related Goods
Shifts the supply curve
Tax and Subsidy
Shifts the supply curve
Government Restrictions
Shifts the supply curve](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3eecf882-3d90-4644-957e-7505a87f6fbf%2Fd6ab740f-0114-4a8d-9564-d3a08f19cc24%2Fah18qsd_processed.png&w=3840&q=75)
Transcribed Image Text:Variable
A Change in This Variable .. .
Represents a movement along the
supply curve
Price of the good itself
Input prices
Shifts the supply curve
Technology
Shifts the supply curve
Expectations
Shifts the supply curve
Number of sellers
Shifts the supply curve
Price of Related Goods
Shifts the supply curve
Tax and Subsidy
Shifts the supply curve
Government Restrictions
Shifts the supply curve
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