The graph shows the supply curve of sweaters. Now the number of suppliers of sweaters decreases and all other influences on selling plans remain the same. Draw a curve that shows what happens to the supply of sweaters today. Label it. >>> Check that your new supply curve obeys the law of supply. 160 140- 120- 100- 80- 60- 40 20- 04 Price (dollars per sweater) 0 Sp 2 5 Quantity (millions of sweaters per year) >>> Draw only the objects specified in the question. 6 O O

The graph shows the supply curve of sweaters. Now the number of suppliers of sweaters decreases and all other influences on selling plans remain the same. Draw a curve that shows what happens to the supply of sweaters today. Label it. >>> Check that your new supply curve obeys the law of supply. 160 140- 120- 100- 80- 60- 40 20- 04 Price (dollars per sweater) 0 Sp 2 5 Quantity (millions of sweaters per year) >>> Draw only the objects specified in the question. 6 O O

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Listen | $60 Price 40 20 20 --- Supply Demand 0 50 100 150 200 Quantity What is the equilibrium price and quantity for this market: A) P=60, Q=100 B) P=20, Q=100 C) P=40, Q=200 OD) P=40, Q=150 4Л 6 quare in unitially tv 80 BE F3 Ơ F4 오 ત્ર F5 ৫ ها F6 8 F7 t #4 % do 5 DII F8 * 7 8 > 6 & 8 F9 F10
6) Dodger Baseball!!!! : The Dodgers will host the 2020 MLB All Star Game! Fans are ECSTATIC. Also, the Dodgers will expand seating by 10,000 in the CF Pavilion area. How will that shift the supply and demand curves for Dodger tickets? a. Graph the situation with price of Dodger tickets and quantity of Dodger tickets. Use BLACK for supply, BLUE for demand. Label supply as Sj and S2 and demand as Di and D2. b. Using your knowledge of the laws of supply and demand, explain the shift(s) that have been made in your graph and describe what happened to the equilibrium price and quantity (3-4 bullet points). Make sure to include the either the 8 determinants of demand or 5 determinants of supply. Label the equilibrium points CLEARLY! c. Add a picture of the Dodgers.
The price of SUVs, a substitute-in-production for sedans, has increased over the last year. Show the effect of this event on the market for sedans by shifting the appropriate curve in the graph shown. What is the new price? $ What is the new quantity? thousand million 50 45 Price($ thousand) 8 8 8 8 40 35 30 25 20 15 10 5 0 0 1 2 Market for Sedans 7 3 4 5 6 Quantity in millions of cars Supply 8 Demand 9 10
The equilibrium quantity of solar panels bought and sold in the market has stayed the same, but the price of solar panels has decreased, what must have been the case? Supply and demand both increased. Supply and demand both decreased. O There was an increase in demand and a decrease in supply. O There was an increase in supply and a decrease in demand.
9. This table shows the demand and supply schedule for Ben & Jerry's ice cream pints per month. Circle the market equilibrium price and quantity on the table below. a. b. C. Price (S/pint) 7 6 5 4 3 Quantity demanded (millions of pints/month) 8 12 16 20 24 Use the same graph for part a and b. Graphically illustrate supply and demand for this market including the equilibrium point and price and quantity levels at the equilibrium. Use the graph from part a. If the price of a pint is $7, show and describe the market situation graphically and verbally. Explain what must happen to restore market equilibrium. Draw a new graph. Suppose the government imposes a price ceiling of $3 for a pint of Ben & Jerry's. What is the result? Show and describe the market situation graphically and verbally. (Include only equilibrium and new numbers. Show and calculate shortage/surplus.) Quantity supplied (millions of pints/month) 22 19 16 13 10
Suppose there are three buyers of candy in a market: Tex, Dex, and Rex. The market demand and the individual demands of Tex, Dex, and Rex are shown in the following table. a. Fill in the missing values (gray-shaded cells) in the table. Price per Candy $ 8 7 6 5 4 Individual Quantities Demanded Tex 2 4 8 10 Dex 3 4 5 Rex 2 10 14 18 Total Quantity Demanded 14 21 28
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(Ref: Demand for Apples) The following figure is the demand for apples. 3 2 F I A 1 1 B 1 C D 1 T 1 1 I OB OF+G OE+F+G B+E 1 + 2 E Demand for Apples F G 3 Reference: (Ref: Demand for Apples) 4 H I 10 6 1 7 D (Re Demand for Apples) Suppose you are considering lower the price from $3 to $2. If you do this, which areas on the graph represent the QUANTITY EFFECT? 8
13. The table below gives part of the supply schedule for personal computers in the United States. Price Quantity Supplied before tech change Quantity Supplied after tech $1,100 $900 12,000 8,000 change 13,000 9,000 a) Calculate the price elasticity of supply when price rises from $900 to $1,100 using the arc elasticity formula (the midpoint method). b) Now suppose that technology changes such that at every price, 1000 more computers are supplied. Now, as prices rise from $900 to $1,100, is the elasticity of supply smaller than, larger than, or equal to the elasticity in part a)? c) Does the change in b) change the slope of the supply curve? Are slope and elasticity the same thing? Explain.
16. What do you understand by supply and what would you say is its main purpose?
Price Saved O² B Supplyo Save The movement from A to B The movement from A to D The movement from C to B The movement from D to C Quantity Consider the graph in Figure 3-1. Which of the following best represents an increase in supply? Supply₁
USE TABLE #1: The supply curve intersects with the price axis at $_____. (Remember to use a comma, if a comma is needed and to include the decimal point and two numbers to the right of the decimal point).