Learning curve. In each problem below, there is an explanation of something that has happened to one of the non-price factors that affects supply. The original supply curve, labeled "S1," has been drawn for you. Draw a new supply curve that reflects the change in supply. Label the new curve "S2." Your Response: Change: The price of low-grade meat increases. Indicate what will happen to the supply of DECADOGS, a nationally- recognized brand of hotdog. Ex.: Supply of DECADOGS S2. A major international accounting firm gets bad publicity for a rash of accounting scandals. The firm lays off over 40 percent of its accountants. Desperate to find a job, the accountants all lower their salary requirements. Indicate what happens to the world supply of services from accounting firms. 1. Supply of Accounting Services Supply of Gasoline U.S. gasoline producers hear that automakers expect to sell twice as many gas-guzzling SUVS in the next quarter as they did in the previous quarter. When SUV sales increase, gasoline producers plan to raise the price of a gallon of gasoline. Indicate what happens to the present supply of gasoline. 2. The world's best economics professors are gathered for a cocktail party in the headquarters building of The Economist. Sometime during the party, a bomb goes off, killing the professors and everyone else inside the building. Indicate what happens to the world supply of economics lectures. 3. Supply of Economics Lectures P

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Can you complete questions 1-3 please

Transcribed Image Text:ECONOMICS WORKBOOK PAGE 48 OF 158 DEMIDEC © 2008 2.13 APPLYING KEY CONCEPTS Learning curve. In each problem below, there is an explanation of something that has happened to one of the non-price factors that affects supply. The original supply curve, labeled "S1," has been drawn for you. Draw a new supply curve that reflects the change in supply. Label the new curve "S2." Change: Your Response: The price of low-grade meat increases. Indicate what will happen to the supply of DECADOGS, a nationally- recognized brand of hotdog. Ex.: Supply of DECADOGS P S2 A major international accounting firm gets bad publicity for a rash of accounting scandals. The firm lays off over 40 percent of its accountants. Desperate to find a job, the accountants all lower their salary requirements. Indicate what happens to the world supply of services from accounting firms. 1. Supply of Accounting Services P S, U.S. gasoline producers hear that automakers expect to sell twice as many gas-guzzling SUVS in the next quarter as they did in the previous quarter. When SUV sales increase, gasoline producers plan to raise the price of a gallon of gasoline. Indicate what happens to the present supply of gasoline. 2. Supply of Gasoline The world's best economics professors are gathered for a cocktail party in the headquarters building of The Economist. Sometime during the party, a bomb goes off, killing the professors and everyone else inside the building. Indicate what happens to the world supply 3. Supply of Economics Lectures P of economics lectures.

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