Microeconomics For Today (MindTap Course List)
9th Edition
ISBN: 9781305507111
Author: Irvin B. Tucker
Publisher: Cengage Learning
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Question
Chapter 11, Problem 5SQ
To determine
Consequence of increase in the demand for authors in Internet books.
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Students have asked these similar questions
Does a change in technology lead to a
shift in the demand curve? Why, or why
not?
Your answer cannot exceed 100 words.
The introduction of new technology can affect the amount of supply a business will produce. Will it cause the supply curve to increase or decrease?
Which of the following will NOT shift the supply curve for lawnmowers?
a.
a change in the number of firms supplying lawnmowers
b.
an increase in the price of a substitute good
c.
an increase in the price of a resource used to produce lawnmowers
d.
a technological advance
Chapter 11 Solutions
Microeconomics For Today (MindTap Course List)
Ch. 11.3 - Prob. 1YTECh. 11 - Prob. 1SQPCh. 11 - Prob. 2SQPCh. 11 - Prob. 3SQPCh. 11 - Prob. 4SQPCh. 11 - Prob. 5SQPCh. 11 - Prob. 6SQPCh. 11 - Prob. 7SQPCh. 11 - Prob. 8SQPCh. 11 - Prob. 9SQP
Ch. 11 - Prob. 10SQPCh. 11 - Prob. 11SQPCh. 11 - Prob. 1SQCh. 11 - Prob. 2SQCh. 11 - Prob. 3SQCh. 11 - Prob. 4SQCh. 11 - Prob. 5SQCh. 11 - Prob. 6SQCh. 11 - Prob. 7SQCh. 11 - Prob. 8SQCh. 11 - Prob. 9SQCh. 11 - Prob. 10SQCh. 11 - Prob. 11SQCh. 11 - Prob. 12SQCh. 11 - Prob. 13SQCh. 11 - Prob. 14SQCh. 11 - Prob. 15SQCh. 11 - Prob. 16SQCh. 11 - Prob. 17SQCh. 11 - Prob. 18SQCh. 11 - Prob. 19SQCh. 11 - Prob. 20SQ
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- A chain of electronic stores sells hand-held color televisions. The weekly demand and supply models are given below. N is the number of televisions sold or supplied per week in the respective model and p is the price of the television. a. How many hand-held televisions can be sold and supplied at $144 per television? b. Find the price at which supply and demand are equal. At this price, how many televisions can be supplied and sold each week? N = −7p+1134 Demand model. N = 3.5p Supply model.arrow_forwardWhich of the following will NOT shift the supply curve for sewing machines? a. an increase in the price of a resource used to produce sewing machines b. a technological advance c. a change in the number of firms supplying sewing machines d. an increase in the price of a substitute goodarrow_forwardDoes a change in producer`s technology lead to a movement along the supply curve or a shift in the supply curve? Does a change in price lead to a movement along the supply curve or a shift in the supply curve?arrow_forward
- explain the inportance of demand analysis to businessarrow_forwardQ.1.7 If there is a strike in the milk production industry, then, ceteris paribus; (a) the demand for milk will increase.(b) the demand for milk will decrease.(c) the supply of milk will decrease.(d) the supply of milk will increase. Q.1.8 An increase in demand: (a) indicates that more is demanded at higher prices.(b) indicates that more is demanded at lower prices.(c) is illustrated by a rightward shift of the demand curve.(d) is illustrated by a leftward shift of the demand curve.arrow_forwardWhich of the following statements, all made by a car rental agency, describes an inelastic demand curve? A. "We're worried that a recession will mean a big drop in sales" B. "As the price of rental cars has increased, we've doubled our rental car inventory" C. "We've doubled the hourly pay for our desk jobs, but still no one is applying!" D. Last summer we increased the price of rental cars by 50%, and we still rented 90% of our typical quantity.arrow_forward
- Which of the following would shift the supply curve for a commodity to the right? An increase in the price of a substitute of that commodity in production b. An increase in consumer income (assuming that the commodity is a normal good) c. A decrease in the number of firms that produce that commodity A decrease in the price of an input used to produce that commodityarrow_forwardWhich of the following will NOT shift the supply curve? Choose all that apply. A. The price of the product is decreased by $20. B. The government decides that the process of making the product is unsafe, so a new and more expensive process has to be adopted. C. A new competitor making the same product enters the marketplace. D. The price of the product is increased by $20. E. The workers at the plant producing the product receive a $5 per hour raise.arrow_forwardDraw a downward -sloping demand curve and an upward upward-sloping supply curve for orange juice. show what happens in each of the following cases. a freeze in Ghana kills 30 percent of the oranges a technological breakthrough has enabled Togo to grow oranges the supply of oranges from Nigeria has been banned. The Nigeria oranges accounted for about 15 percent of the market.arrow_forward
- Which of the following is an example of a reason why the supply curve for an oil company slopes up? a) Oil is a normal good with lots of substitutes. b) When the price of oil increases, people switch to hybrid cars that use less gasoline, which is made from oil. c) Oil is heavily taxed. d) When the company produces a lot of oil, it has to pay its employees overtime, which increases the marginal cost of making oil. e) Suppliers know that people need to use oil in order to commute to work, so demand is inelasticarrow_forwardAdam Smith describes a decrease in the price of gold after the 'discovery' of the Americas. Which of the following would be the best explanation for this change? An increase in the supply of gold A decrease in the supply of gold An increase in the demand for gold A decrease in the demand for goldarrow_forwardWhen firms in a market expect the price of their products to rise, the supply curve of their goods , causing the equilibrium price to decreases; rise decreases; fall increases; fall increases; rise increases; rise and the equilibrium quantity to fallarrow_forward
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