Shifts in the supply curve Name:Period:Shifts in the Supply CurveDirections: Read the scenarios below. Decide how the supply curve would change (change inquantity supplied or a shift in supply). List the determinant of supply. Then, use a graph toillustrate the change.1) Ross creates a business selling baseball hats. He begins his business with machines hebought second hand. After making a great deal of profit, he upgrades to a new updatedmachine system that allows him to produce bats faster.A) Change in supply of baseball hats:B) Determinant:C) Graph:2) The U.S. Senate gives a bonus to small family farms that grow and produce corn.A) Change in supply of wheat:B) Determinant:C) Graph:3) Workers at a toy factory go on strike as a result of poor conditions and low wages.A) Change in supply of toys:B) Determinant:C) Graph:4) The price of athletic equipment has increased.A) Change in supply in athletic equipment:B) Determinant:C) Graph: 5) Due to the popularity of the Wii video game console, Sony and Microsoft bring out similarproducts.A) Change in supply of video game consoles:B) Determinant:C) Graph:6) It is discovered that Girl Scout cookies contain ingredients that are extremely harmful topeople's health and cause people to feel the urge to immediately buy more cookies the secondthey run out. In response to this, the U.S. Government begins to inspect every batch of cookiesbefore they are available to sell.A) Change in supply of Girl Scout cookies:B) Determinant:C) Graph:7) An iron factory begins to play music during labor hours in addition to improving theworking condition of its workers. Workers are overjoyed and work harder to produce iron.A) Change in supply of iron:B) Determinant:C) Graph:Dateply curve oremand), or8) BootBarn, a discount boot store chain, responds to news that one-fourth of the world'sleather factories have been destroyed by explosions.A) Change in supply in athletic equipment:B) Determinant:C) Graph:cottresu

Supply refers to the quantity of a goods or services that a producer is willing and able to sell at…

Period: Shifts in the Supply Curve Directions: Read the scenarios below. Decide how the supply curve would change (change in quantity supplied or a shift in supply). List the determinant of supply. Then, use a graph to illustrate the change. 1) Ross creates a business selling baseball hats. He begins his business with machines he bought second hand. After making a great deal of profit, he upgrades to a new updated machine system that allows him to produce bats faster. A) Change in supply of baseball hats: B) Determinant: C) Graph: 2) The U.S. Senate gives a bonus to small family farms that grow and produce corn.

Period: Shifts in the Supply Curve Directions: Read the scenarios below. Decide how the supply curve would change (change in quantity supplied or a shift in supply). List the determinant of supply. Then, use a graph to illustrate the change. 1) Ross creates a business selling baseball hats. He begins his business with machines he bought second hand. After making a great deal of profit, he upgrades to a new updated machine system that allows him to produce bats faster. A) Change in supply of baseball hats: B) Determinant: C) Graph: 2) The U.S. Senate gives a bonus to small family farms that grow and produce corn.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 55P: Table 3.9 illustrates the markets demand and supply for cheddar cheese. Graph the data and find the...

See similar textbooks

Similar questions

What is the difference between the supply and the quantity supplied of a product, say milk? Explain in words and show the difference on a graph with the supply curve for milk.
Name some farm that can cause a shift in the supply curve in markets for goods and services.
Name some factors that can cause a shift in line demand curve in markets for goods and services.
Many changes are affecting the market for oil. Predict how each of the following events will affect the equilibrium price and quantity in the market for oil. In each case, state how the event will affect the supply and demand diagram. Create a sketch of the diagram if necessary. Cars are becoming more fuel efficient, and therefore get more miles to the gallon. The winter is exceptionally cold. A major discovery of new oil is made off the coast of Norway. The economies of some major oil-using nations, like Japan, slow down. A war in the Middle East disrupts oil-pumping schedules. Landlords install additional insulation in buildings. The price of solar energy falls dramatically. Chemical companies invent a new, popular kind of plastic made from oil.
Table 3.9 illustrates the markets demand and supply for cheddar cheese. Graph the data and find the equilibrium. Next, create a table showing the change in quantity demanded or quantity supplied, and a graph of the new equilibrium, in each of the following situations: The price of milk, a key input for cheese production, rises, so that the supply decreases by 80 pounds at every price. A new study says that eating cheese is good for your health, so that demand increases by 20 at every price.
Define the price elasticity of supply. Explain why the price elasticity of supply might be different in the long run than in the short run.
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?
If demand is inelastic, will shifts in supply have a larger effect on equilibrium price or on quantity?