This year is expected to be a great one for selling walking shoes in Georgia. At very low prices, only the most efficient shoemakers are able to sell. There are two shoe producers that operate with the most cost-effective equipment and skilled personnel, each of which can put 1000 pairs of shoes in the market at $10.00. At a higher price, eight more shoemakers will enter the market. Each producer makes 1200 pairs of shoes at $25.00 per pair.If the price goes to $40.00 per pair, the existing firms increase production to 1400 pairs of shoes each, plus four small shops open, each of which produces 500 pairs of shoes. Using the information above, in a suitable diagram, graph the supply curve for walking

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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This year is expected to be a great one for selling walking shoes in Georgia. At very low
prices, only the most efficient shoemakers are able to sell. There are two shoe producers
that operate with the most cost-effective equipment and skilled personnel, each of which
can put 1000 pairs of shoes in the market at $10.00. At a higher price, eight more
shoemakers will enter the market. Each producer makes 1200 pairs of shoes at $25.00 per
pair.If the price goes to $40.00 per pair, the existing firms increase production to 1400
pairs of shoes each, plus four small shops open, each of which produces 500 pairs of shoes.
Using the information above, in a suitable diagram, graph the supply curve for walking
shoes.
Transcribed Image Text:This year is expected to be a great one for selling walking shoes in Georgia. At very low prices, only the most efficient shoemakers are able to sell. There are two shoe producers that operate with the most cost-effective equipment and skilled personnel, each of which can put 1000 pairs of shoes in the market at $10.00. At a higher price, eight more shoemakers will enter the market. Each producer makes 1200 pairs of shoes at $25.00 per pair.If the price goes to $40.00 per pair, the existing firms increase production to 1400 pairs of shoes each, plus four small shops open, each of which produces 500 pairs of shoes. Using the information above, in a suitable diagram, graph the supply curve for walking shoes.
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