Suppose that many people who earn a living designing apps decide they can make more money selling honey and switch occupations. How will this change affect the number of apps supplied by producers? Choose one: A supply decreases B. supply does not change OC. supply increases
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- Describe how each of the following will affect the supply of personal computers:a. A rise in wage ratesb. An increase in the number of sellers of computersc. A tax placed on the production of computersd. A subsidy for the production of computersWhen supply increases, the effect is a large decrease in price and a small increase in quantity demanded, consumers are responsive to the change in price O consumers are not responsive to the change in price O producers are not responsive to the change in price O producers will increase price.Supply and Demand The table below gives thequantity of graphing calculators demanded and thequantity supplied for selected prices.a. Find the linear equation that gives the price as afunction of the quantity demanded.b. Find the linear equation that gives the price as afunction of the quantity supplied.c. Use these equations to find the market equilibriumprice.
- Part B On the same graph paper, draw the Demand Curve for the Demand Schedule belo, after Reiko's doctor said that apple juice would prevent colds. Reiko'a New Demand Scheđule Price of a Bottle of Apple Quantity Demanded per Week Juice $0.75 $1.00 7. $1.25 6. $1.50 $1.75 $2.00 3. What happened to the graph? Which direction did it move (right or left) ? 4. Make a prediction: What would happen to the graph if Reiko developed an allergy to apple juice, which made her sneeze?Graph the demand of wheat and the supply of wheat. Be sure to locate the equilibrium price and quantity.Graph the demand for wheat and the supply of wheat. Be sure to label the axes of your graph correctly. Label equilibrium price P and equilibrium Quantity
- Which of the following shifts the supply curve of broccoli? Select one: a. a newly discovered link between broccoli consumption and tooth decay O b. the destruction of much of this year's broccoli crop by hurricanes O c. a newly discovered increase in the nutritional value of broccoli O d. an increase in incomeEconomics Two drivers, Walt and Jessie, each drive up to agas station. Before looking at the price, each placesan order. Walt says, “I’d like 10 gallons of gas.”Jessie says, “I’d like $10 worth of gas.” What is eachdriver’s price elasticity of demand?What is Supply? How about quantity supplied?