Supply for Sedans50Price of a Sedan(Thousands ofdollars)2540SupplyQuantity Supplied(Sedans per month)45030SUPPLY SHIFTERS20Robot Speed(Bolts per hour)250010Autoworker Wage(Dollars per hour)25100 200 300 400 500 600 700 800 900QUANTITY (Sedans per month)Suppose that the price of a sedan decreases from $25,000 to $20,000. This would cause the quantity supplied of sedans towhich isreflected on the graph by athe supply curve.Following a technological decline-for example, a decrease in the speed with which robots can attach bolts to cars-there is athe supply curve because the technological decline makes carsPRICE (Thousands of dollars) 3. Changes in the supply of sedansThe following graph shows the supply curve for sedans in an imaginary market. For simplicity, assume that all sedans are identical and sell for thesame price. Two factors that affect the supply of sedans are the level of technical knowledge-in this case, the speed with which manufacturing robotscan fasten bolts, or robot speed-and the wage rate that auto manufacturers must pay their employees. Initially, the graph shows the supply curvewhen robots can fasten 2,500 bolts per hour and autoworkers earn $25 per hour.Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.Graph Input Tool(?Supply for Sedans50I Price of a Sedan(Thousands ofdollars)2540SupplyQuantity Supplied(Sedans per month)45030SUPPLY SHIFTERS20Robot Speed(Bolts per hour)250010Autoworker Wage(Dollars per hour)25100 200 300 400 500 600 700 800 900PRICE (Thousands of dollars)

Answered: Image /qna-images/answer/19990fa6-3164-4b4f-87be-c27d58bea853.jpg

I Price of a Sedan (Thousands of dollars) 25 Supply Quantity Supplied (Šedans per month) 450 30 SUPPLY SHIFTERS 20 Robot Speed (Bolts per hour) 2500 10 Autoworker Wage (Dollars per hour) 25 100 200 300 400 500 600 700 800 900 QUANTITY (Sedans per month) Suppose that the price of a sedan decreases from $25,000 to $20,000. This would cause the quantity supplied of sedans to reflected on the graph by a ▼ the supply curve. Following a technological decline-for example, a decrease in the speed with which robots can attach bolts to cars-there is a the supply curve because the technological decline makes cars PRICE (Thousands of dollars)

I Price of a Sedan (Thousands of dollars) 25 Supply Quantity Supplied (Šedans per month) 450 30 SUPPLY SHIFTERS 20 Robot Speed (Bolts per hour) 2500 10 Autoworker Wage (Dollars per hour) 25 100 200 300 400 500 600 700 800 900 QUANTITY (Sedans per month) Suppose that the price of a sedan decreases from $25,000 to $20,000. This would cause the quantity supplied of sedans to reflected on the graph by a ▼ the supply curve. Following a technological decline-for example, a decrease in the speed with which robots can attach bolts to cars-there is a the supply curve because the technological decline makes cars PRICE (Thousands of dollars)

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

Supply for Sedans
50
Price of a Sedan
(Thousands of
dollars)
25
40
Supply
Quantity Supplied
(Sedans per month)
450
30
SUPPLY SHIFTERS
20
Robot Speed
(Bolts per hour)
2500
10
Autoworker Wage
(Dollars per hour)
25
100 200 300 400 500 600 700 800 900
QUANTITY (Sedans per month)
Suppose that the price of a sedan decreases from $25,000 to $20,000. This would cause the quantity supplied of sedans to
which is
reflected on the graph by a
the supply curve.
Following a technological decline-for example, a decrease in the speed with which robots can attach bolts to cars-there is a
the supply curve because the technological decline makes cars
PRICE (Thousands of dollars)

3. Changes in the supply of sedans
The following graph shows the supply curve for sedans in an imaginary market. For simplicity, assume that all sedans are identical and sell for the
same price. Two factors that affect the supply of sedans are the level of technical knowledge-in this case, the speed with which manufacturing robots
can fasten bolts, or robot speed-and the wage rate that auto manufacturers must pay their employees. Initially, the graph shows the supply curve
when robots can fasten 2,500 bolts per hour and autoworkers earn $25 per hour.
Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.
Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.
Graph Input Tool
(?
Supply for Sedans
50
I Price of a Sedan
(Thousands of
dollars)
25
40
Supply
Quantity Supplied
(Sedans per month)
450
30
SUPPLY SHIFTERS
20
Robot Speed
(Bolts per hour)
2500
10
Autoworker Wage
(Dollars per hour)
25
100 200 300 400 500 600 700 800 900
PRICE (Thousands of dollars)

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