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9. How many Thneeds are you willing to produce at C0. How many Thneeds are you willing to produce at

9. How many Thneeds are you willing to produce at C0. How many Thneeds are you willing to produce at

Exploring Economics
Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 6P
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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 price? d. What happens to equilibrium quantity? 3) Steel Prices Rise 10% a. Supply of cars will b. Draw It:
Transcribed Image Text: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 price? d. What happens to equilibrium quantity? 3) Steel Prices Rise 10% a. Supply of cars will b. Draw It:
Example: You make Christmas ornaments. You think you can get a higher price for your items in Law of Supply Practice, Continued. November and December. In February, your supply of ornaments will DECREASE but in 1. Circle the data sets that reflects the Law of Supply. Explain why it reflects the Law of Supply. November, your supply of ornaments will INCREASE. er of Sellers Price Quantity Price Quantity Price Quantity $1.00 $1.00 More sellers in the market- supply will INCREASE $2.00 $3.00 $4.00 $2.00 Some sellers go out of business and leave the market - supply will DECREASE. $3.00 $4.00 $4.00 between a change in quantity supplied and a change in supply. What causes each? How 2. Assume that the data set you chose reflects the supply of Chick-fil-A biscuits at RHS on Wednesday mornings. In the space below, graph the demand curve in a fully labeled model. ene appear on the supply/demand model? 3. Assume that the data set below reflects the number of hours per week Harry is willing to tutor other students at each hourly wage. a. How hours will Harry tutor if the hourly wage was $2? b. What will Harry do if the wage rises to $15 per hour? Quantity of tutoring hours Price per hour per week $10.00 $8.00 9. 4 2 $4.00 4. Thinking Critically: Some economists believe that in the factor market for wages/salary, supply curves slope upward, but eventually begin to bend backwards. Why might this happen? Draw what this might look like.
Transcribed Image Text:Example: You make Christmas ornaments. You think you can get a higher price for your items in Law of Supply Practice, Continued. November and December. In February, your supply of ornaments will DECREASE but in 1. Circle the data sets that reflects the Law of Supply. Explain why it reflects the Law of Supply. November, your supply of ornaments will INCREASE. er of Sellers Price Quantity Price Quantity Price Quantity $1.00 $1.00 More sellers in the market- supply will INCREASE $2.00 $3.00 $4.00 $2.00 Some sellers go out of business and leave the market - supply will DECREASE. $3.00 $4.00 $4.00 between a change in quantity supplied and a change in supply. What causes each? How 2. Assume that the data set you chose reflects the supply of Chick-fil-A biscuits at RHS on Wednesday mornings. In the space below, graph the demand curve in a fully labeled model. ene appear on the supply/demand model? 3. Assume that the data set below reflects the number of hours per week Harry is willing to tutor other students at each hourly wage. a. How hours will Harry tutor if the hourly wage was $2? b. What will Harry do if the wage rises to $15 per hour? Quantity of tutoring hours Price per hour per week $10.00 $8.00 9. 4 2 $4.00 4. Thinking Critically: Some economists believe that in the factor market for wages/salary, supply curves slope upward, but eventually begin to bend backwards. Why might this happen? Draw what this might look like.
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