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What would be the effect of each of the following on the supply of salsa in the United States? In each case, identify the responsible determinant of supply. a. Tomato prices skyrocket. b. Congress places a 26 percent tax on salsa. c. Ed Scissor hands introduces a new, faster vegetable chopper. d. J. Lo, Beyoncé, and Adam Sandler each introduce a new brand of salsa.

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Exploring Economics

8th Edition
Robert L. Sexton
Publisher: SAGE Publications, Inc
ISBN: 9781544336329

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Chapter
Section
BuyFindarrow_forward

Exploring Economics

8th Edition
Robert L. Sexton
Publisher: SAGE Publications, Inc
ISBN: 9781544336329
Chapter 4, Problem 18P
Textbook Problem
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What would be the effect of each of the following on the supply of salsa in the United States? In each case, identify the responsible determinant of supply.

a. Tomato prices skyrocket.

b. Congress places a 26 percent tax on salsa.

c. Ed Scissor hands introduces a new, faster vegetable chopper.

d. J. Lo, Beyoncé, and Adam Sandler each introduce a new brand of salsa.

To determine

(a)

Effect on supply of salsa in the United States, if the tomato price skyrocket and identify the responsible determinant of supply

Explanation of Solution

If the tomato price skyrocketed there would be decrease in supply of salsa. There are number of factors responsible for change in the supply of the finished goods, some of them are as follows

  1. Seller's cost of production.
  2. Change in technology.
  3. Change in price of goods and services (like raw material, transportation cost)...
To determine

(b)

Effect on supply of salsa sauce in United States, If congress places twenty six percent tax on salsa.

To determine

(c)

Effect on supply of salsa sauce in United States, if Ed Scissorhands a new faster.vegetable chopper

To determine

(d)

Effect on supply of salsa sauce in United States, if J.Lo, Beyonce, and Adam Sandler each introduce a new brand of salsa.

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