In an analysis of the market for paint, an economist discovers the facts listed below. State whether each of these changes will affect supply or demand and how it is affected. E. v There have recently been some important cost-saving inventions in the technology for making paint. A. Demand shifts out B. Increase in quantity supplied H. v Paint is lasting longer, so that property owners need not repaint as often. C. supply shifts out H. v Because of severe hailstorms, many people need to repaint now. D. Supply shifts in v The hailstorms damaged several factories that make paint, forcing them to E. Increase in quantity demanded close down for several months. E. v The price of paint increases. F. Decrease in quantity supplied The price of input costs decrease for suppliers G. Quantity demanded decreases H. Demand shifts in I. Neither demand nor supply affected

In an analysis of the market for paint, an economist discovers the facts listed below. State whether each of these changes will affect supply or demand and how it is affected. E. v There have recently been some important cost-saving inventions in the technology for making paint. A. Demand shifts out B. Increase in quantity supplied H. v Paint is lasting longer, so that property owners need not repaint as often. C. supply shifts out H. v Because of severe hailstorms, many people need to repaint now. D. Supply shifts in v The hailstorms damaged several factories that make paint, forcing them to E. Increase in quantity demanded close down for several months. E. v The price of paint increases. F. Decrease in quantity supplied The price of input costs decrease for suppliers G. Quantity demanded decreases H. Demand shifts in I. Neither demand nor supply affected

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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d. How will this change the equilibrium price and quantity of coffee? Explain your reasoning. Scenario 2: The Ministry of health publishes a study finding that coffee drinking reduces the probability of getting cancer. a. How do you imagine this will affect the market for coffee? Why? b. Which determinant of demand or supply is being affected? Explain. c. Show graphically the changes in demand or supply. d. Will this change the equilibrium price and quantity of coffee? Explain your reasoning.
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