The citizens of Splashville enjoy swimming all summer long. Assume that the quantity of swimsuits demanded in a given year depends only on theaverage temperature that summer and the price of swimsuits. Additionally, assume that the cost of Lycra (a synthetic elastic fabric used to produceclose-fitting clothing such as swimsuits) represents the great majority of swimsuit manufacturers' costs and that every other determinant of supplyremains constant over this time period. The following table shows the average summer temperature and the price of Lycra in Splashville for each yearfrom 1995 to 2007.Avg TempPrice of LycraYear(F°)(Dollars per yard)1995759.1996801019978510199875101999802000908.2001857.2002858.2003808.20048013200585132006851220077512The following diagram shows the price of swimsuits and the quantity of swimsuits sold in Splashville for each year from 1995 through 2007. On thefollowing diagram, use the blue line (circle symbol) to connect all the points for which the average temperature was 85 degrees. Then use the orangeline (square symbol) to connect all the points for which the price of Lycra was $8 per yard. +502005452004Demand (85)+4020063530+Price (Lycra)= 82007199725+19962000+2019982002+1519952003200110 +1999235 610QUANTITY (Thousands of swimsuits)What does the blue line you drew represent?A historical graph showing how the price of swimsuits declined over the years in questionThe supply curve for swimsuits vwhen the price of Lycra is $8 per yardThe supply curve for swimsuits when the average temperature is 85 degreesThe demand curve for swimsuits when the average temperature is 85 degreesThe demand curve for swimsuits when the price of Lycra is $8 per yardWhat is the primary cause of the high price of a swimsuit in 2004 and 2005?Wages of swimsuit manufacturers fell.The price of Lycra increased.Temperatures were above average.Temperatures were below average.Assume that this year, the average temperature is projected to be 85 degrees, and the price of Lycra is $8 per yard. From the previous diagram, theequilibrium price of swimsuits is most likely to beand the equilibrium quantity is most likely to bePRICE (Dollars per swims uit)+8

A average temparature is 80 degrees were Years 1996, 1999, 2003 and 2004 only, we need to Connect…

perature that summer and the price of swimsuits. Additionally, assume that the cost of Lycra (a synthetic elastic f clothing such as swimsuits) represents the great majority of swimsuit manufacturers' costs and that every other c stant over this time period. The following table shows the average summer temperature and the price of Lycra i s - 2007. Avg Temp Price of Lycra (F°) (Dollars per yard) 75 80 10 85 10 75 10 80 7 90 8. 85 7. 85 8. 80

perature that summer and the price of swimsuits. Additionally, assume that the cost of Lycra (a synthetic elastic f clothing such as swimsuits) represents the great majority of swimsuit manufacturers' costs and that every other c stant over this time period. The following table shows the average summer temperature and the price of Lycra i s - 2007. Avg Temp Price of Lycra (F°) (Dollars per yard) 75 80 10 85 10 75 10 80 7 90 8. 85 7. 85 8. 80

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The citizens of Splashville enjoy swimming all summer long. Assume that the quantity of swimsuits demanded in a given year depends only on the
average temperature that summer and the price of swimsuits. Additionally, assume that the cost of Lycra (a synthetic elastic fabric used to produce
close-fitting clothing such as swimsuits) represents the great majority of swimsuit manufacturers' costs and that every other determinant of supply
remains constant over this time period. The following table shows the average summer temperature and the price of Lycra in Splashville for each year
from 1995 to 2007.
Avg Temp
Price of Lycra
Year
(F°)
(Dollars per yard)
1995
75
9.
1996
80
10
1997
85
10
1998
75
10
1999
80
2000
90
8.
2001
85
7.
2002
85
8.
2003
80
8.
2004
80
13
2005
85
13
2006
85
12
2007
75
12
The following diagram shows the price of swimsuits and the quantity of swimsuits sold in Splashville for each year from 1995 through 2007. On the
following diagram, use the blue line (circle symbol) to connect all the points for which the average temperature was 85 degrees. Then use the orange
line (square symbol) to connect all the points for which the price of Lycra was $8 per yard.

+
50
2005
45
2004
Demand (85)
+
40
2006
35
30
+
Price (Lycra)= 8
2007
1997
25
+
1996
2000
+
20
1998
2002
+
15
1995
2003
2001
10 +
1999
2
3
5 6
10
QUANTITY (Thousands of swimsuits)
What does the blue line you drew represent?
A historical graph showing how the price of swimsuits declined over the years in question
The supply curve for swimsuits vwhen the price of Lycra is $8 per yard
The supply curve for swimsuits when the average temperature is 85 degrees
The demand curve for swimsuits when the average temperature is 85 degrees
The demand curve for swimsuits when the price of Lycra is $8 per yard
What is the primary cause of the high price of a swimsuit in 2004 and 2005?
Wages of swimsuit manufacturers fell.
The price of Lycra increased.
Temperatures were above average.
Temperatures were below average.
Assume that this year, the average temperature is projected to be 85 degrees, and the price of Lycra is $8 per yard. From the previous diagram, the
equilibrium price of swimsuits is most likely to be
and the equilibrium quantity is most likely to be
PRICE (Dollars per swims uit)
+8

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