QUESTION 9 Lleyton really enjoys playing tennis and needs to get new strings for his racquet on a regular basis. Currently, Lleyton plays tennis three times a week, which means that he needs to restring his racquet twice a month. Fortunately, Lleyton receives a pay rise at work, as do most of the other tennis players in the local area. Mr Rafter, the owner of the tennis centre where Lleyton plays, hears from his string supplier that there will soon be a shortage of nylon, which is a key input in making racquet strings. Mr Rafter is very clever and realises this means he will be able to raise his prices later in the year. If the magnitude of these effects on demand and supply are equal, will the new market price for tennis racquet strings at Mr Rafter's tennis centre be higher/equal to/lower than the original price? [a] (Type L for lower, E for equal, H for higher, N for need more information).

QUESTION 9 Lleyton really enjoys playing tennis and needs to get new strings for his racquet on a regular basis. Currently, Lleyton plays tennis three times a week, which means that he needs to restring his racquet twice a month. Fortunately, Lleyton receives a pay rise at work, as do most of the other tennis players in the local area. Mr Rafter, the owner of the tennis centre where Lleyton plays, hears from his string supplier that there will soon be a shortage of nylon, which is a key input in making racquet strings. Mr Rafter is very clever and realises this means he will be able to raise his prices later in the year. If the magnitude of these effects on demand and supply are equal, will the new market price for tennis racquet strings at Mr Rafter's tennis centre be higher/equal to/lower than the original price? [a] (Type L for lower, E for equal, H for higher, N for need more information).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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