Part B On the attached greh paper, draw the Supply Curve for the Supply Schedule below. Rarber Shop Supply Schedule Price per Auantity of Haircuts Supplied per day $6 20 $8 $10 $12 $14 $16 40 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 greh paper, draw the Supply Curve for the Supply Schedule below. Rarber Shop Supply Schedule Price per Auantity of Haircuts Supplied per day $6 20 $8 $10 $12 $14 $16 40 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?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Transcribed Image Text:1. What has happened to the price of Pete's fresh turnip pies recently?
प
As the price people are willing to pay Sor petes pies has ricen.
2. How has Pete's actions illustrated the Law of Supply?
fete has Kept busy increasing the huorber of pies he makes cach day.
Part B
On the attached greh paper, draw the Supply Curve for the Supply Schedule below.
Barber Shop Supply Schedule
Price per
$6
Quantity of Haircuts Supplied per day
20
$8
$10
$12
$14
$16
40
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?
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