ECON MICRO (with MindTap, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
6th Edition
ISBN: 9781337408059
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 4, Problem 6P
To determine
Supply curve assumptions and the factors that shift the supply curve to the right.
Concept Introduction:
Supply curve shows all the possible combinations of
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2.2. Use a diagram to illustrate what will happen to the equilibrium price and quantity of a product
if the demand for the product increases. Also mention three factors that can cause an increase in
demand.
(10)
(Table: Equilibrium Price, Quantity) Refer to the table. If the demand curve for the product shifted to the right such that 10 more units of the good are demanded at
every price, what is the new equilibrium price?
P
$10
12
14
16
18
0000
$12
$14
$16
$18
Q₁
50
45
40
35
30
0.
30
35
40
45
30
(Table: Equilibrium Price, Quantity) Refer to the table. If the supply curve for the product shifted to the right such that 20
more units of the good are supplied at every price, what is the new equilibrium price?
P
Qa
50
$10
30
12
45
35
14
40
40
16
35
45
18
30
50
$12
O $10
$14
$16
Chapter 4 Solutions
ECON MICRO (with MindTap, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
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Similar questions
- Using Exercise 16.20, sketch the effects in parts (a) and (b) on a single supply and demand diagram. What prediction would you make about how the improved information alters the equilibrium quantity and price?arrow_forward(Figure: Supply Shift) What would cause the supply curve to shift from S2 to S1 as shown in the diagram? Price $100 S2 80 60 40 20 10 20 30 40 50 Quantity a decrease in the costs of production an expected decrease in the future price of the good a decrease in the opportunity costs of producing the good an increase in the prices of inputs used in productionarrow_forward13. Supply and Demand Consider the following events: Researchers shows that eating lobsters increases the risk of heart attack, and at the same time, there is a new regulation that limit the number of lobsters people can fish. Show the effect of these two events on the market for lobsters. Supply Demand Supply Demand Quantity of Lobsters When the demand curve and supply curve shift in the directions indicated on this graph, you can be certain about the effect on without knowing the magnitude of the shifts. Price of Lobstersarrow_forward
- The market for pizza has the following demand and supply schedules: Price (Dollars) 4 10 5 6 7 8 9 9 Quantity Demanded Quantity Supplied Į (Pizzas) 135 115 100 90 60 45 Use the blue points (circle symbol) to graph the demand for pizzas. Then use the orange points (square symbol) to graph the supply of pizza. Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in this market. (Pizzas) 15 50 75 90 100 105 ?arrow_forward3. Suppose that the market for lima beans is in equilibrium. Then, both the supply and demand curves for lima beans shift to the left. As a result, the equilibrium price. and the equilibrium quantity will (a) will fall; rise (b) cannot be determined; fall (c) will fall; fall (d) cannot be determined; risearrow_forward1.) Given the products below and the events that affect them, indicate what happens to demand and/or supply, and the equilibrium price and quantity. In each space, indicate whether the event shifts demand (D) and/or supply (S), and whether it is an increase (1) or decrease (1) in the curve. Then, indicate whether price (P) increases (1) or decreases (1), and whether quantity (Q) increases (1) or decreases (1). If the outcome is indeterminate, use "?". If nothing happens, leave the space blank. (a) (b) (c) (d) (e) Products and Events. Blue jeans. Blue jeans become more popular. Apples. The price of oranges, a substitute for apples, goes down. Economics textbooks. Textbook authors receive an increase in the amount they are paid per textbook sold. Soda. The price of sugar, an input in soda, increases. College courses. Instructors' wages increase. D S P Qarrow_forward
- (Figure: Supply Curves) The figure shows four different supply curves for four products. Which one of the supply curves MOST likely represents a crop that takes a long time to grow? Product A Product B Price Supply product A product B product C product D Quantity Price Supply Quantity Price Product C Supply Quantity Price Product D Supply Quantityarrow_forward[Choose the correct answer] Which diagram illustrates the effects on the peanut butter market, if severe flooding destroys a large portion of the peanut crop in the economy?arrow_forward12. 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) inarrow_forward
- 8. Define Supply/ Demand. Then explain what happens to supply/ demand when price goes up/ down. Supply: Price 1= Supply: Demand: Demand: Price 1= Supply: Demand:arrow_forward7. Draw the supply and demand curve for pencils. Clayton county provides every student with a laptop at school. What happens to the supply and demand for pencils. Why?arrow_forwardellobrate the factors that will be affecting the supply of the following products in the next several years.why do you think the factors will cause the supply to increase or decrease? Crude oil, hotle rooms, Beef, Fast food outlets, Laptop companiesarrow_forward
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