Homework Help is Here – Start Your Trial Now!
Business
Economics
Period: Shifts in the Supply Curve Directions: Read the scenarios below. Decide how the supply curve would change (change in quantity supplied or a shift in supply). List the determinant of supply. Then, use a graph to illustrate the change. 1) Ross creates a business selling baseball hats. He begins his business with machines he bought second hand. After making a great deal of profit, he upgrades to a new updated machine system that allows him to produce bats faster. A) Change in supply of baseball hats: B) Determinant: C) Graph: 2) The U.S. Senate gives a bonus to small family farms that grow and produce corn.

Period: Shifts in the Supply Curve Directions: Read the scenarios below. Decide how the supply curve would change (change in quantity supplied or a shift in supply). List the determinant of supply. Then, use a graph to illustrate the change. 1) Ross creates a business selling baseball hats. He begins his business with machines he bought second hand. After making a great deal of profit, he upgrades to a new updated machine system that allows him to produce bats faster. A) Change in supply of baseball hats: B) Determinant: C) Graph: 2) The U.S. Senate gives a bonus to small family farms that grow and produce corn.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
See similar textbooks
icon
Related questions
Question
Shifts in the supply curve
**Shifts in the Supply Curve** **Directions:** Read the scenarios below. Decide how the supply curve would change (change in quantity supplied or a shift in supply). List the determinant of supply. Then, use a graph to illustrate the change. 1. **Ross creates a business selling baseball hats. He begins his business with machines he bought second hand. After making a great deal of profit, he upgrades to a new updated machine system that allows him to produce bats faster.** - **A) Change in supply of baseball hats:** - **B) Determinant:** - **C) Graph:** 2. **The U.S. Senate gives a bonus to small family farms that grow and produce corn.** - **A) Change in supply of wheat:** - **B) Determinant:** - **C) Graph:** 3. **Workers at a toy factory go on strike as a result of poor conditions and low wages.** - **A) Change in supply of toys:** - **B) Determinant:** - **C) Graph:** 4. **The price of athletic equipment has increased.** - **A) Change in supply in athletic equipment:** - **B) Determinant:** - **C) Graph:** **Graph Explanations:** For each scenario, the accompanying graph should illustrate the shift in the supply curve. - An **increase in supply** is represented by a rightward shift of the supply curve (S1 to S2). - A **decrease in supply** is represented by a leftward shift of the supply curve (S1 to S2). In each graph, label the axes with "Price" on the vertical axis and "Quantity" on the horizontal axis. The initial supply curve should be labeled as "S1" and the new supply curve as "S2". **Example Graph Explanation:** If the supply of baseball hats increases due to the new machine system, the supply curve will shift to the right. Initially, the supply curve (S1) shows the quantities supplied at different prices. When the supply increases, the new supply curve (S2) will show larger quantities supplied at each price level compared to S1. **It's essential to use the proper labels and notations for a clear representation of supply changes and their determinants.**
Transcribed Image Text:**Shifts in the Supply Curve** **Directions:** Read the scenarios below. Decide how the supply curve would change (change in quantity supplied or a shift in supply). List the determinant of supply. Then, use a graph to illustrate the change. 1. **Ross creates a business selling baseball hats. He begins his business with machines he bought second hand. After making a great deal of profit, he upgrades to a new updated machine system that allows him to produce bats faster.** - **A) Change in supply of baseball hats:** - **B) Determinant:** - **C) Graph:** 2. **The U.S. Senate gives a bonus to small family farms that grow and produce corn.** - **A) Change in supply of wheat:** - **B) Determinant:** - **C) Graph:** 3. **Workers at a toy factory go on strike as a result of poor conditions and low wages.** - **A) Change in supply of toys:** - **B) Determinant:** - **C) Graph:** 4. **The price of athletic equipment has increased.** - **A) Change in supply in athletic equipment:** - **B) Determinant:** - **C) Graph:** **Graph Explanations:** For each scenario, the accompanying graph should illustrate the shift in the supply curve. - An **increase in supply** is represented by a rightward shift of the supply curve (S1 to S2). - A **decrease in supply** is represented by a leftward shift of the supply curve (S1 to S2). In each graph, label the axes with "Price" on the vertical axis and "Quantity" on the horizontal axis. The initial supply curve should be labeled as "S1" and the new supply curve as "S2". **Example Graph Explanation:** If the supply of baseball hats increases due to the new machine system, the supply curve will shift to the right. Initially, the supply curve (S1) shows the quantities supplied at different prices. When the supply increases, the new supply curve (S2) will show larger quantities supplied at each price level compared to S1. **It's essential to use the proper labels and notations for a clear representation of supply changes and their determinants.**
**Supply and Determinants: Various Scenarios and Their Implications** **5) Influence of Market Competition on Video Game Consoles:** Due to the popularity of the Wii video game console, Sony and Microsoft introduce similar products. - **A) Change in supply of video game consoles:** - **B) Determinant:** - **C) Graph:** **6) Regulatory Impact on Girl Scout Cookies:** It is discovered that Girl Scout cookies contain ingredients that are extremely harmful to people's health and cause people to feel the urge to immediately buy more cookies the second they run out. In response to this, the U.S. Government begins to inspect every batch of cookies before they are available to sell. - **A) Change in supply of Girl Scout cookies:** - **B) Determinant:** - **C) Graph:** **7) Work Environment and Production Efficiency in Iron Factories:** An iron factory begins to play music during labor hours in addition to improving the working conditions of its workers. Workers are overjoyed and work harder to produce iron. - **A) Change in supply of iron:** - **B) Determinant:** - **C) Graph:** **8) Market Shocks and Supply Responses in Athletic Equipment:** BootBarn, a discount boot store chain, responds to news that one-fourth of the world's leather factories have been destroyed by explosions. - **A) Change in supply in athletic equipment:** - **B) Determinant:** - **C) Graph:** --- **Explanation of Graphs and Diagrams:** For each scenario listed above, appropriate supply and demand graphs can be used to visually represent the shifts and changes due to various determinants. - **Graph (5):** Show the shift in supply curve for video game consoles with the entry of competitive products by Sony and Microsoft. - **Graph (6):** Illustrate the shift in supply curve for Girl Scout cookies with increased regulation and inspection. - **Graph (7):** Depict the shift in the supply curve for iron production as a result of improved working conditions and increased worker productivity. - **Graph (8):** Represent the shift in supply curve for athletic equipment in response to disruptions in the supply of leather. Each graph will include: - **Axes:** Price on the Y-axis and Quantity on the X-axis. - **Curves:** Initial and new supply (and possibly demand) curves showing
Transcribed Image Text:**Supply and Determinants: Various Scenarios and Their Implications** **5) Influence of Market Competition on Video Game Consoles:** Due to the popularity of the Wii video game console, Sony and Microsoft introduce similar products. - **A) Change in supply of video game consoles:** - **B) Determinant:** - **C) Graph:** **6) Regulatory Impact on Girl Scout Cookies:** It is discovered that Girl Scout cookies contain ingredients that are extremely harmful to people's health and cause people to feel the urge to immediately buy more cookies the second they run out. In response to this, the U.S. Government begins to inspect every batch of cookies before they are available to sell. - **A) Change in supply of Girl Scout cookies:** - **B) Determinant:** - **C) Graph:** **7) Work Environment and Production Efficiency in Iron Factories:** An iron factory begins to play music during labor hours in addition to improving the working conditions of its workers. Workers are overjoyed and work harder to produce iron. - **A) Change in supply of iron:** - **B) Determinant:** - **C) Graph:** **8) Market Shocks and Supply Responses in Athletic Equipment:** BootBarn, a discount boot store chain, responds to news that one-fourth of the world's leather factories have been destroyed by explosions. - **A) Change in supply in athletic equipment:** - **B) Determinant:** - **C) Graph:** --- **Explanation of Graphs and Diagrams:** For each scenario listed above, appropriate supply and demand graphs can be used to visually represent the shifts and changes due to various determinants. - **Graph (5):** Show the shift in supply curve for video game consoles with the entry of competitive products by Sony and Microsoft. - **Graph (6):** Illustrate the shift in supply curve for Girl Scout cookies with increased regulation and inspection. - **Graph (7):** Depict the shift in the supply curve for iron production as a result of improved working conditions and increased worker productivity. - **Graph (8):** Represent the shift in supply curve for athletic equipment in response to disruptions in the supply of leather. Each graph will include: - **Axes:** Price on the Y-axis and Quantity on the X-axis. - **Curves:** Initial and new supply (and possibly demand) curves showing
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 5 steps with 3 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Market Supply Curve
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS