Choices for lablled parts1. Supply or quantity supplied2. movement along or shift of3. rightward shift of, leftward movement along, leftward shift of, rightward movement along4. Less expensive to build, more fashionable, more expensive to build, safer dollars)35SupplyQuantity Supplied(Sedans per month)4953025Supply Shifters20Robot Speed(Bolts per hour)15150010Autoworker Wage(Dollars per hour)30100 200 300 400 500 600 700 800 900QUANTITY (Sedans per month)Suppose that the price of sedans in the previous graph decreases from $26,000 to $21,000 per car. This would cause theofsedans to decrease, which is reflected on the graph by aV the supply curve.Suppose the workers' union accepts a pay cut from $30 per hour to $25 per hour. Assuming that the robot speed remains the same, this would causeathe supply curve. This is because the pay cut makes carsPRICE (Thousands of dolla5. The following graph shows the supply curve for sedans in an imaginary market. Assume that all sedans are identical and sell for the same price. Twofactors that affect the supply of sedans are the technology–the speed with which auto-manufacturing robots can fasten bolts, or "robot speed"-andthe wage rate that auto manufacturers pay their employees. Initially, the graph shows the supply curve when robots can fasten 1,500 bolts per hourand autoworkers earn $30 per hour.Use the graph input tool to help you answer the following questions. You will not be scored on any changes you make to this graph.Note: Once you enter a value in a white field, the graph and any corresponding amounts in the grey field will change accordingly.Graph Input Tol1?50Market for Sedans45I Price of a Sedan(Thousands ofdollars)26SupplyQuantity Supplied(Sedans per month)4953025Supply Shifters20Robot Speed(Bolts per hour)15150010Autoworker Wage(Dollars per hour)30100 200 300 400 500 600 700 800 900QUANTITY (Sedans per month)4035PRICE (Thousands of dollars)

Given is the market of Sedans where upward sloping curve is supply curve and price is set at 26000…

Supply Quantity Supplied (Sedans per month) 30 495 25 20 Supply Shifters 15 Robot Speed (Bolts per hour) 1500 10 Autoworker Wage (Dollars per hour) 5 30 100 200 300 400 500 600 700 800 900 QUANTITY (Sedans per month) Suppose that the price of sedans in the previous graph decreases from $26,000 to $21,000 per car. This would cause the sedans to decrease, which is reflected on the graph by a the supply curve. Suppose the workers' union accepts a pay cut from $30 per hour to $25 per hour. Assuming that the robot speed remains the same, this would cause a the supply curve. This is because the pay cut makes cars PRICE (Thousands of doll.

Supply Quantity Supplied (Sedans per month) 30 495 25 20 Supply Shifters 15 Robot Speed (Bolts per hour) 1500 10 Autoworker Wage (Dollars per hour) 5 30 100 200 300 400 500 600 700 800 900 QUANTITY (Sedans per month) Suppose that the price of sedans in the previous graph decreases from $26,000 to $21,000 per car. This would cause the sedans to decrease, which is reflected on the graph by a the supply curve. Suppose the workers' union accepts a pay cut from $30 per hour to $25 per hour. Assuming that the robot speed remains the same, this would cause a the supply curve. This is because the pay cut makes cars PRICE (Thousands of doll.

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter4: Supply And Demand: An Initial Look

Section: Chapter Questions

Problem 2TY

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