Changes in Supply - A Shift in the Demand CurveThe supply schedule below presents the results of a survey of seniors only, and seniors and juniors,indicating the number of hours these students would be willing to work in the school library at differenthourly rates of pay.Supply Schedule of Student Workers' Hours# hours juniors arewilling to work (SI)Hourly rate# hours seniors are# hours juniors andwilling to work (S2) | seniors are willing to$30$25work (S3)26252520112515001440138011001080$2010352415$158251925$106308401470$7360840480240S5$3180420$2$1Exercise 1: Using the data from the supply schedule for part time workers, draw supply curves S2 and S3on the graph below.Supply of Part Time Workers353025201510550010001500200025003000Quantity of Part Time HoursRefer to the chart you have drawn and answer the following questions:1. When the hourly rate is $20, compare the quantity of hours students are willing to work atsupply levels S2 and S3.2. When supply increases at all price levels, the supply curve shifts in which direction: right orleft?3. Explain the difference between an increase in supply and increase in the quantity supplied.Which is depicted as a movement along the supply curve?b. Which is depicted as a shift in the supply curve?a.Hourly Rates

The supply curve is a graphic representation of the direct relationship between the price of a good…

Refer to the chart you have drawn and answer the following questions: 1. When the hourly rate is $20, compare the quantity of hours students are willing to work at supply levels S2 and S3. 2. When supply increases at all price levels, the supply curve shifts in which direction: right or left? 3. Explain the difference between an increase in supply and increase in the quantity supplied. a. Which is depicted as a movement along the supply curve? b. Which is depicted as a shift in the supply curve?

Refer to the chart you have drawn and answer the following questions: 1. When the hourly rate is $20, compare the quantity of hours students are willing to work at supply levels S2 and S3. 2. When supply increases at all price levels, the supply curve shifts in which direction: right or left? 3. Explain the difference between an increase in supply and increase in the quantity supplied. a. Which is depicted as a movement along the supply curve? b. Which is depicted as a shift in the supply curve?

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

Changes in Supply - A Shift in the Demand Curve
The supply schedule below presents the results of a survey of seniors only, and seniors and juniors,
indicating the number of hours these students would be willing to work in the school library at different
hourly rates of pay.
Supply Schedule of Student Workers' Hours
# hours juniors are
willing to work (SI)
Hourly rate
# hours seniors are
# hours juniors and
willing to work (S2) | seniors are willing to
$30
$25
work (S3)
2625
2520
1125
1500
1440
1380
1100
1080
$20
1035
2415
$15
825
1925
$10
630
840
1470
$7
360
840
480
240
S5
$3
180
420
$2
$1
Exercise 1: Using the data from the supply schedule for part time workers, draw supply curves S2 and S3
on the graph below.
Supply of Part Time Workers
35
30
25
20
15
10
5
500
1000
1500
2000
2500
3000
Quantity of Part Time Hours
Refer to the chart you have drawn and answer the following questions:
1. When the hourly rate is $20, compare the quantity of hours students are willing to work at
supply levels S2 and S3.
2. When supply increases at all price levels, the supply curve shifts in which direction: right or
left?
3. Explain the difference between an increase in supply and increase in the quantity supplied.
Which is depicted as a movement along the supply curve?
b. Which is depicted as a shift in the supply curve?
a.
Hourly Rates

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