Part B On the attached graph paper, draw the Supply Curve for the Supply Schedule below. Anton's Barber Shop Supply Schedule Price per Haircut $6 $8 Quantity of Haircuts Supplied per day 20 30 $10 40 $12 $14 $16 50 60 70 3. When the price of a haircut goes down, in what direction does the quantity supplied move on the Supply Curve? Why? 4. The price of a haircut recently rose significantly, but Anton decided he could get along with the same number of workers (i.e. he did not raise his supply) What might happen as a result?

Part B On the attached graph paper, draw the Supply Curve for the Supply Schedule below. Anton's Barber Shop Supply Schedule Price per Haircut $6 $8 Quantity of Haircuts Supplied per day 20 30 $10 40 $12 $14 $16 50 60 70 3. When the price of a haircut goes down, in what direction does the quantity supplied move on the Supply Curve? Why? 4. The price of a haircut recently rose significantly, but Anton decided he could get along with the same number of workers (i.e. he did not raise his supply) What might happen as a result?

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter8: Understanding Markets And Industry Changes

Section: Chapter Questions

Problem 8.6IP

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Concept explainers

Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.

Question

Answer!!

Part B
On the attached graph paper, draw the Supply Curve for the Supply Schedule below.
Anton's Barber Shop Supply Schedule
Quantity of Haircuts Supplied per day
Price per Haircut
$6
$8
20
30
$10
40
$12
50
$14
60
$16
70
3. When the price of a haircut goes down, in what direction does the quantity supplied move
on the Supply Curve? Why?
4. The price of a haircut recently rose significantly, but Anton decided he could get along
with the same number of workers (i.e. he did not raise his supply) What might happen
as a result?

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