Question
Asked Oct 1, 2019
46 views
Bicycles are made out of steel. If the price of steel increases, there is a shift in the supply curve of bicycles that leads to?
check_circle

Expert Answer

Step 1

Bicycles are made out of steel, which means steel is a factor of production of Bicycle. So, change in ...

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in
BusinessEconomics

Microeconomics

Related Economics Q&A

Find answers to questions asked by student like you
Show more Q&A
add
question_answer

Q: The Acmeville Metropolitan Bus Service currently charges $0.88 for an all-day ticket, and has an ave...

A: PED (Price elasticity of demand) depicts the responsiveness of change in the quantity demanded as a ...

question_answer

Q: there are 4 consumers willing to pay the following amountd a-7 b-2 c-8 d-5 there are 4 haircutting f...

A: Consumer’s maximum willingness to pay is called reservation price. From the producer’s point of view...

question_answer

Q: In the theory of the firm, economist consider the total cost to be a function of the output level Q:...

A: Answer - According to the mathematical defination of the funtion is that fucntion is a relation whic...

question_answer

Q: how does technology affect the production possibility frontier/curve?

A: Production possibility frontier/curve (PPC) is a curve representing combinations of goods that an ec...

question_answer

Q: People in the U.S. state of Iowa eat both corn and potatoes. It is technically possible for farmers ...

A: Trading is an initial economic concept that involves buying and selling of services and goods in ter...

question_answer

Q: Your U.S. corporation sold office supplies to the government of Country A who then refuses to pay yo...

A: The aforementioned statement is true.

question_answer

Q: The following figure shows the demand curve for good x for an agent whose demand function for this g...

A: The demand function for the good X is,  Qx (px,py,W) = W/(3px). The demand curve is passed through t...

question_answer

Q: Since 1965, the U.S. economy has experienced how many economic contractions?

A: Since 1965, the U.S. economy has witnessed seven economic contractions so far.

question_answer

Q: As the price of a pound of peanuts falls, would the the demand increase or decrease?

A: Answer - The  price of pound of peanuts falls then demand would decrease or increase depends on the ...