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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

In an analysis of the market for paint, an economist discovers the facts listed below. State whether each of these changes will affect supply or demand, and in what direction.

a. There have recently been some important cost-saving inventions in the technology for making paint.

b. Paint is lasting longer so that property owners need not repaint as often.

c. Because of severe hailstorms, many people need to repaint now.

d. The hailstorms damaged several factories that make paint, forcing them to close down for several months.

A

To determine

Check whether the following situations affect demand or supply and in what direction?

(a) Cost saving technology in making paint.

Explanation

As the technology used in the production of a product advances, it lowers the cost of production a...

B

To determine

Check whether the following situations affect demand or supply and in what direction?

(b) The property owners need not repaint as often because it is lasting longer.

C

To determine

Check whether the following situations affect demand or supply and in what direction?

(c) Due to hailstorms, people need to repaint now.

D

To determine

Check whether the following situations affect demand or supply and in what direction?

(d) Hailstorms damaged the factories and caused them to shut down for sometimes.

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