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- 15. Another supply and demand purzle Suppose the market price of calzones in a university town recently decreased. Economics students studying at the university are discussing potential causes of the price decrease. One group of students theorize that the price decreased because the price of dough, an important ingredient for making calzones, has decreased. Others caim the decrease in the price of calzones is because of a recent increase in the price of beer, Everyone agrees that the increase in the price of beer was caused by a recent increase in the price of hops, which are not generally used in making calzones. The first group of students claim the decrease in the price of calzones can be attributed to the fact that the price of dough, an important ingredient for making calzones, has decreased. On the following graph, adjust the supply and demand curves to iustrate the first group's explanatian for the decrease in the price of catrones. Note: Select and drag one or both of the…14. If the price elasticity of demand is 0.6, then a 10 percent increase in the price of the good will lead to a _ in the quantity demanded. a. 6 percent increase b. 6 percent decrease c. 0.6 percent increase d. 0.6 percent decreaseWhat might cause Supply to shift from the Original Supply to the New Supply?. Price of a cup of coffee $3.50 3.00 2.50 2.00 1.50 1.00 $.50 0 10 Original Supply New Demand Original Demand 20 30 40 50 60 70 Cups sold in an hour New Supply A reduction in coffee farmland taxes. OA storm in South America wipes out the entire coffee crop. A news report that coffee consumption greatly increases productivity. An increase in the price of tea.
- 12. What is the difference between a change in supply and a change in quantity supplied? A (change in supply) or to the right (an increase in supply). A change in supply, therefore, is a change in the entire supply schedule or curve. ) is a shift in the entire supply curve either to the left (a decrease in In contrast, a ( change in schedule from one price-quantity combination to another. A change in product price causes the change in quantity supplied. ) is a movement along an existing supply curve or PA P (Increase, Decrease) in (Increase, Decrease) in2. Imagine that you run a small bakery. In March the price of a cupcake was $2, and you sold 50 per day. In April you increased the price of cupcakes to $3 and you sold 40 per day. 1. Did your revenue increase or decrease? 2. What was the price elasticity of demand to Cupcakes when price increased from $2 to $3. 3. Do you think demand was elastic or inelastic prior to the change in prices1. With both words and diagrams analyze the effects on equilibrium price and quantity when a. demand is negatively sloped, supply is perfectly inelastic, and demand increases b. demand is negatively sloped, supply is quite elastic, and demand decreases c. demand is perfectly elastic, supply is positively sloped, and supply increases d. demand is quite inelastic, supply is positively sloped, and supply decreases
- Name Changes in Supply Problem Set Change in Supply Change in Quantity Supplied charge in the S supply deteaminants Caused By 5. The law of supply states that as P QS Caused By charge in parce 6. This relationship is known as a relationship. 7. A change in quantity supplied is illustrated by the curve. 8. The table that gives us the data for our supply curve is a Draw It Draw It Price of Thneeds Quantity Supplied of Thneeds 2.00 4.00 6.00 4 8.00 6 10.00 8 12.00 10 Directions: For numbers 1-7, decide what will happen to the supply of foreign and domestic cars in the Unite 1) Auto Workers Agree to Wage and Benefit Cuts a. Supply of cars will insease b. Draw It: C. What happens to market clearing price? d. What happens to equilibrium quantity? 2) New Technology Increases Efficiency in Detroit Factories a. Supply of cars will b. Draw It: 9. How many Thneeds are you willing to produce at $1.00? 10. How many Thneeds are you willing to produce at $11.00? C. What happens to market clearing…Ab 48 Economics Using diagrams, illustrating price elastic and price inelastic supply curves, explain how the own-price elasticity of supply determine the change in the market price from an increase in the market demand.?LGlve Ust O Hint Question 15 of 24 Check Answer The table shows the demand and supply for cocoa beans in two countries: Cameroon and Nigeria. Use the information in the table to answer the questions. Price ($) per pound (lb) of cocoa beans Price ($/lb) Cameroon quantity Cameroon quantity Nigeria quantity Nigeria quantity demanded (lb) supplied (lb) demanded (lb) supplied (Ib) 180 500 155 210 200 460 180 180 6. 250 410 200 160 5. 4 280 360 220 140 320 320 240 125 3 350 280 260 115 What would be the equilibrium price and quantity in Cameroon and Nigeria if free trade existed between the two countries? lb I quantity demanded, Cameroon: price, Cameroon: lb quantity demanded, Nigeria: price, Nigeria: %24 %24
- 14. Give at least three conditions for the demand to shift to the right or left. Explain.15. Give an example for the supply curve to shift to the right or left. Explain.Refer to the table to the right. Over what range of prices is the demand price inelastic? A. between $8 and $16 B. between $12 and $16 C. over the entire range of prices D. between $2 and $8 Price per pound (Dollars) $16 14 12 10 8642 Quantity Demanded of cheese (pounds) 3 45678 9 10
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