The monthly market for U.S. steel production (in millions iron ore, a critical input in the production of steel, shifts the supply curve to the left, decreasing supply by 200,000 tons at each (Hint 200,000 tons = 0.2 million tons.) Instructions: Round your answers to one decimal place. a. Fill in the new supply schedule in the table using the "New Quantity of Steel Supplied" column. Market for U.S. Steel Price (dollars per Initial Quantity of Steel Demanded ton) (millions of tons) $650 1.2 1.3 1.4 1.5 1.6 640 630 620 618 600 590 580 570 560 P= $ Q- P-$ per ton Q- 1.7 b. What are the initial equilibrium price and quantity in the steel market? 1.8 1.9 per ton 2 2.1 million tons of steel c. What are the new equilibrium price and quantity in the market? Initial Quantity of Steel Supplied (millions of tons) 2.2 million tons of steel 2.1 2 1.9 1.8 1.7 1.6 1.5 1.4 1.3 New Quantity of Steel Supplied (millions of tons)

The monthly market for U.S. steel production (in millions iron ore, a critical input in the production of steel, shifts the supply curve to the left, decreasing supply by 200,000 tons at each (Hint 200,000 tons = 0.2 million tons.) Instructions: Round your answers to one decimal place. a. Fill in the new supply schedule in the table using the "New Quantity of Steel Supplied" column. Market for U.S. Steel Price (dollars per Initial Quantity of Steel Demanded ton) (millions of tons) $650 1.2 1.3 1.4 1.5 1.6 640 630 620 618 600 590 580 570 560 P= $ Q- P-$ per ton Q- 1.7 b. What are the initial equilibrium price and quantity in the steel market? 1.8 1.9 per ton 2 2.1 million tons of steel c. What are the new equilibrium price and quantity in the market? Initial Quantity of Steel Supplied (millions of tons) 2.2 million tons of steel 2.1 2 1.9 1.8 1.7 1.6 1.5 1.4 1.3 New Quantity of Steel Supplied (millions of tons)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Need help with this, I did something please check it and let me know if its good. Also for the empty spots here are the possible answers, you must choose only one of them: Consider the previous graph. Suppose that the price of a sedan increases from $20,000 to $25,000. This would cause thequantity supplied_____________(Choose one of these: quantity supplied or supply) of sedans to increase, which is reflected on the graph by amovement along_________(Choose one of these: movement along or shift of) the supply curve. Suppose the workers' union accepts a pay cut. This causes a___________(Choose one of these: rightward shift of, leftward shift of, leftward movement along or rightward movement along) the supply curve because the pay cut makes cars____________(Choose one of these: safer, more expensive to build, less expensive to build, or more fashionable) .
Over the past 20 years, the average price of avocados has more than doubled. Assume that the price of avocados is determined by the forces of supply and demand. Using concepts that you have learned about supply and demand, explain whether the following is or is not a cause of the increase in price of avocado. Restrictions on imports of avocados from Mexico were gradually lifted. Improved production methods allowed for slower ripening of avocados and therefore more avocados can be reliably shipped. Mexican food, which regularly features avocados, has become more popular.
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