Match each scenario with the panel that best describes what will happen to the market when the scenario occurs. Explain your answer in a manner that someone who hasn’t taken economics before can understand and be sure to identify exactly what the market is that you’re describing. The FDA creates stricter safety standards that drugs must meet before being brought to market.A well-known movie athlete serves as a Nike brand shoe spokesperson.Earthquakes destroy key manufacturing buildings.The USDA ordered the recall of steaks contaminated with E. coli.Unusually good weather affects corn production in Iowa.A new ban on cigarettes is instituted preventing them from being smoked in public areas.New technology reduces the amount of steel required to manufacture trucks.Smartphones are made using technology that increases battery life between charges. PricePricePanel (a)S₁XD₂D₁Quantity per periodPanel (c)S₁D₁Quantity per periodS₂PricePricePanel (b)D₂Quantity per periodPanel (d)S₂S₁Quantity per periodD₁S₁D₁|

1) - Panel d : Since it will be more difficult and expensive for businesses to manufacture…

Answered: Match each scenario with the panel that…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Match each scenario with the panel that best describes what will happen to the market when the scenario occurs. Explain your answer in a manner that someone who hasn’t taken economics before can understand and be sure to identify exactly what the market is that you’re describing.

The FDA creates stricter safety standards that drugs must meet before being brought to market.
A well-known movie athlete serves as a Nike brand shoe spokesperson.
Earthquakes destroy key manufacturing buildings.
The USDA ordered the recall of steaks contaminated with E. coli.
Unusually good weather affects corn production in Iowa.
A new ban on cigarettes is instituted preventing them from being smoked in public areas.
New technology reduces the amount of steel required to manufacture trucks.
Smartphones are made using technology that increases battery life between charges.

Price
Price
Panel (a)
S₁
X
D₂
D₁
Quantity per period
Panel (c)
S₁
D₁
Quantity per period
S₂
Price
Price
Panel (b)
D₂
Quantity per period
Panel (d)
S₂
S₁
Quantity per period
D₁
S₁
D₁
|

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