Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 4, Problem 10IAPA
To determine
To explain the influence of an economic slowdown in the global market in china and its effect onthe
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The monthly market for U.S. steel production (in millions of tons per month) is described in the table below. An increase in the price of
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 price.
(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
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1.5
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1.6
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1.8
1.9
b. What are the initial equilibrium price and quantity in the steel market?
2
2.1
million tons of steel
s. What are the new equilibrium price and quantity in the market?
Initial Quantity of Steel Supplied
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2.2
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1.9
1.8
1.7
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1.5
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1.3
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Was the dramatic increase in egg prices in the winter of 22-23 caused by a
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In the North, if the price goes down by $0.20 per pound, then the quantity supplied in the North goes down by 200 pounds per year. If the price of cherries goes down by $0.20 in the South, what will happen to the quantity supplied?
There is not enough information given to determine the supply change in the South.
The quantity will decrease by 200 pounds per year.
The quantity will increase by 200 pounds per year.
The quantity will increase by 100 pounds per year.
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