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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Suppose that the price of semiconductor chips used to make laptop computers falls. On the other hand, the number of people using laptops to work remotely decreases. You predict that the prices of laptops will (rise/fall)____ because the supply of laptops (increases/decreases)______and the demand for laptops (increases/decreases)
When we increased our quantity supplied of masks, we needed to PULL more resources- like labor hours- from the production of gloves to masks." Question- In terms of gloves we???? a) increased our quantity supplied- a downward movement along the supply curve for gloves b) decreased our supply- a leftward shift of the supply curve for gloves c) decreased our quantity supplied- an upward movement along the supply curve for gloves d) increased our supply- a rightward shift of the supply curve for gloves. Is the answer B? IDK why, I just think that the supply or quantity supplied of gloves would decrease. I don't think its c cuz would a decrease in quantity supplied cause a downward movement along the supply curve?
When we increased our quantity supplied of masks, we needed to pull more resources- like labor hours- from the production of gloves to masks." Question- In terms of gloves we???? a) increased our quantity supplied- a downward movement along the supply curve for gloves b) decreased our supply- a leftward shift of the supply curve for gloves c) decreased our quantity supplied- an upward movement along the supply curve for gloves d) increased our supply- a rightward shift of the supply curve for gloves. PS- the graph shown is about N95 MASKS, not gloves. Is the answer B? Idk why.
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) .
3. Suppose that x represents the quantity supplied in thousands for a price p in thousands of dollars, where e2a – p = 3x. What is the sales price when production is at 600 units? How fast is the supply changing at this level? -
Using supply-and-demand diagrams explain how the following events would affect the supply or demand in each market (draw the original demand and supply and in the same graph draw the NEW demand or supply-showing your shifts) and how the quantity and price of in equilibrium will be affected: a) An ongoing, chronic shortage of long-haul drivers is creating major issues with trucking capacity, leading to delays when transporting goods across countries. Also, because building materials like steel beams, concrete slabs, pipes, logs, etc. are large and very heavy, it’s common for companies to use oversized flatbed fleet trucks or tractor trailer fleet trucks to ship them around the country. What happens in the market of building materials due to this event? b) What happens in the market for ramen noodle soup if: there is a world-wide recession that decreases consumers' incomes (assume ramen noodle soup is an inferior good)?
2. Read the following article: Sriracha Shortage Is Taking Some Spice Out of Life.¹ Use the Supply and Demand model to explain how the event(s) in the article affected the market of "Sriracha." Your explanation must include a graph. Note: If you state that demand, supply, or both curves shift, make sure to specify which shifter led to that change. See Sample (located in the Overview page) to use as a guide for this question. Also, your graph can be computer or hand drawn.
News Analysis: Dutch Disease. 2) Identifying symptoms of Dutch Disease
16. Suppose over the next 10 years the technology associated with producing electric cars advances greatly while the number of buyers in the market increases only slightly. This would mean that: The price of electric cars would continue to fall. The price of electric cars would not change but quantity would increase. Quantity supplied would rise, prices would fall, and demand would increase due to the falling prices. The price of gas-powered cars would fall. A and D only.
Q12
Using supply-and-demand diagrams explain how the following events would affect the supply or demand in each market (draw the original demand and supply and in the same graph draw the NEW demand or supply-showing your shifts) and how the quantity and price of in equilibrium will be affected: a) An ongoing, chronic shortage of long-haul drivers is creating major issues with trucking capacity, leading to delays when transporting goods across countries. Also, because building materials like steel beams, concrete slabs, pipes, logs, etc. are large and very heavy, it’s common for companies to use oversized flatbed fleet trucks or tractor trailer fleet trucks to ship them around the country. What happens in the market of building materials due to this event? b) What happens in the market for store brand sodas if: there is a world-wide recession that decreases consumers' incomes (assume ramen noodles are an inferior good)?
Use the demand and supply model to explain the following situations: 1. Coca-Cola has been producing more advertisements to increase awareness about its products. Graph the effects of an increased marketing effort on quantity and price. 2. Use the demand and supply model to explain why the quantity of word processors and many other computer software applications available in the market increases from year to year.