ZOOM This worksheet provides information for the MARKET FOR TIMBER BEAMS. For each of these unrelated events, do the following: (1) Determine and write if the particular event represents THE LAW OF SUPPLY or a FACTOR SHIFTING SUPPLY; (2) If you decide the event is a shifting factor of supply, state the specific shifting factor of supply; (3) Draw the graph of the market (both supply and demand) for timber beams and illustrate how you think the event impacts the market for timber beams (see Figures 4.5, 4.6, 4.7, and 4.8 and Table 4.2 for supply issues) 1. The wage rate of sawmill workers rises. 2. The price of sawdust rises. (Hint: Sawmill equipment is capable of producing both timber beams and sawdust) The price of a timber beam rises.

ZOOM This worksheet provides information for the MARKET FOR TIMBER BEAMS. For each of these unrelated events, do the following: (1) Determine and write if the particular event represents THE LAW OF SUPPLY or a FACTOR SHIFTING SUPPLY; (2) If you decide the event is a shifting factor of supply, state the specific shifting factor of supply; (3) Draw the graph of the market (both supply and demand) for timber beams and illustrate how you think the event impacts the market for timber beams (see Figures 4.5, 4.6, 4.7, and 4.8 and Table 4.2 for supply issues) 1. The wage rate of sawmill workers rises. 2. The price of sawdust rises. (Hint: Sawmill equipment is capable of producing both timber beams and sawdust) The price of a timber beam rises.

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter18: Pricing The Factors Of Production

Section: Chapter Questions

Problem 4TY

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