Assume that nylon is used to produce ukuleles. Ceteris paribus, if the price of nylon lowers, then: A. The supply curve for ukuleles will shift to the left. B. The supply curve for ukuleles will shift to the right. C. There will be a leftward movement along the initial supply curve for ukuleles. D. There will be a rightward movement along the initial supply curve for ukuleles.
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Assume that nylon is used to produce ukuleles. Ceteris paribus, if the
| A. | The supply curve for ukuleles will shift to the left. | |
| B. | The supply curve for ukuleles will shift to the right. | |
| C. | There will be a leftward movement along the initial supply curve for ukuleles. | |
| D. | There will be a rightward movement along the initial supply curve for ukuleles. |
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- Suppose during a summer , unexpected rains and subsidized fertilizers allows the crop of sugar cane to be higher than usual. This leads to increased supply of sugar in the market economy.Considering this scenario, answer the questions a) How this event affects the price of Sugar? b) If sugar and ice cream are compliments then how the supply of ice cream would be affected? c) Keeping the conditions of part (b), Explain whether there is a shift or movement in supply curve of ice cream d) As a result of increased supplies of sugar, whether there is a shortage or ice cream or surplus of ice cream in the market economy and why? e) If the new equilibrium is formed, what happened to new price and new quantity? whether they are different from previous values of equilibrium quantity and equilibrium price or not? Regards....When does a movement along the supply curve occur, and when does the supply curve shift? If the price of a good rises, a ________ the supply curve occurs, but if any other influences on selling plans change, then a ________ the supply curve occurs. A. leftward shift of; movement up along B. rightward shift of; movement down along C. movement up along; shift of D. movement down along; shift of1. The Smith family eats both meat and potatoes on a regular basis and we need to know how the family views these goods. If the price of meats rises and the family eats more potatoes, then the two goods must be a. Substitutes b. Complements c. Inferior d. Normal 2. Which of the following is not a determinant of Supply? a. Prices of resources b. Technology and productivity c. Prices of Complements d. Producers’ expectations e. The number of producers 3. In December, both the price of Christmas trees and the quantity of trees sold rises. Is this a violation of the Law of Demand? Explain your answer 4. Explain the following statement in terms of Supply and Demand: “When a war breaks out in the Middle East, the price of gasoline rises and the price of a used Cadillac falls”.
- If the price of a good or service changes then? a. nothing have necessarily changed - prices change randomly b. one of the supply or demand curve has shifted c. the demand curve has shifted d. the supply curve has shiftedConsider the market for chicken burger. For each of the events listed here, identify which of the determinants of demand or supply are affected. Also indicate whether demand or supply increases or decreases. Then draw a diagram to show the effect on the equilibrium price and equilibrium quantity of chicken burger.d. Price of hotdog fallse. A stock market crash lowers people’s wealth [Consider chicken burger is inferior good for e)]Demand, Supply, and Market Equilibrium - Think of a product that you have purchased recently (e.g. soda, diapers, takeout meals, milk, shoes, manicure/pedicure, video game, etc...). Explain how the law of demand affected your purchase. Give specific examples of how the determinants of demand and supply affect this product (T-I-P-E-N and P-R-E-S-T). What happens to the demand curve and the supply curve when any of these determinants change? What would cause a change in demand versus a movement along the same demand curve for this product? How would you determine the new equilibrium price and quantity that result from these changes? Can you demonstrate some of these changes graphically? Price Elasticity of Demand - Consider a product that you have purchased recently. If the price of this item increases, how would you adjust your purchases? Is the Demand for this product Price Elastic or Price Inelastic? Justify your classification by applying the determinants of elasticity to…
- Decide if the factors in the table will cause which of the following movements to happen in the market of milk: A = A shift of the demand curve B = A shift of the supply curve C = A movement along the demand curve D = A movement along the supply curve E = Shift to the left F = Shift to the right G = Move upward H = Move downward Factor A or B or C or D? E or F or G or H? i) An increase in the prices of raw materials used to produce milk ii) A fall in the current price of milk iii) Milk producers receive subsidies from the government iv) A rise in consumer income due to economic growth (assume that milk is a normal good)Suppose we have the following market supply and demand schedules forbicycles: a. Plot the supply curve and the demand curve for bicyclesb. What is the equilibrium price of bicycles?c. What is the equilibrium quantity of bicycles?d. If the price of bicycles were €100, is there a surplus or a shortage? How many units ofsurplus or shortage are there? Will this cause the price to rise or fall ?The demand curve shifts to the right by more than the supply curve shifts to the right. In this case, the price of marijuana will rise. ( Try to visualize the demand curve shifting to the right by more than the supply curve shifting to the right. Can you see the higher price on the vertical axis?)
- studies shows that the supply curve for bananas shifted. all of the following could be possible explanations for the shift, expect one. which is the exception? A. weather conditions in banana growing countries have worsened. B. the salaries paid to banana growers has risen C. the price of land for going bananas has risen D. the price of bananas has risenThe demand curve shifts to the right by the same amount as the supply curve shifts to the right. In this case, the price of marijuana will not change (Try to visualize the demand and supply curves shifting)A warm, dry summer means that the English pear harvest is exceptionally good. At the same time, a new diet in which pears have an important role becomesfashionable. Which of the following do we expect to happen in the market forpears?a) Demand curve shifts left, supply curve shifts right, and price decreases.b) Demand curve shifts right, supply curve shifts right, and quantity tradedincreases.c) Demand curve shifts right, supply curve shifts left, and price increases.d) Demand curve shifts left, supply curve shifts down, and quantity tradeddecreases.
