Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter4: The Market Forces Of Supply And Demand
Section: Chapter Questions
Problem 10PA
Related questions
Question
![Name
Changes in Supply Problem Set
Change in Supply
Change in Quantity Supplied
charge in the S supply
deteaminants
Caused By
5.
The law of supply states that as P
QS
Caused By
charge in parce
6. This relationship is known as a
relationship.
7. A change in quantity supplied is illustrated by
the
curve.
8. The table that gives us the data for our supply curve is a
Draw It
Draw It
Price of Thneeds
Quantity Supplied of Thneeds
2.00
4.00
6.00
4
8.00
6
10.00
8
12.00
10
Directions: For numbers 1-7, decide what will happen to the supply of foreign and domestic cars in the Unite
1) Auto Workers Agree to Wage and Benefit Cuts
a. Supply of cars will
insease
b. Draw It:
C. What happens to market clearing price?
d. What happens to equilibrium quantity?
2) New Technology Increases Efficiency in Detroit Factories
a. Supply of cars will
b. Draw It:
9. How many Thneeds are you willing to produce at $1.00?
10. How many Thneeds are you willing to produce at $11.00?
C. What happens to market clearing price?
d. What happens to equilibrium quantity?
3) Steel Prices Rise 10%
a. Supply of cars will
b. Draw It:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe9c29f78-36ca-4aa4-9e3a-62f76804b425%2Fe3200fa4-aeb7-4b83-b3cb-48ef911b97b8%2F8cfogav.jpeg&w=3840&q=75)
Transcribed Image Text:Name
Changes in Supply Problem Set
Change in Supply
Change in Quantity Supplied
charge in the S supply
deteaminants
Caused By
5.
The law of supply states that as P
QS
Caused By
charge in parce
6. This relationship is known as a
relationship.
7. A change in quantity supplied is illustrated by
the
curve.
8. The table that gives us the data for our supply curve is a
Draw It
Draw It
Price of Thneeds
Quantity Supplied of Thneeds
2.00
4.00
6.00
4
8.00
6
10.00
8
12.00
10
Directions: For numbers 1-7, decide what will happen to the supply of foreign and domestic cars in the Unite
1) Auto Workers Agree to Wage and Benefit Cuts
a. Supply of cars will
insease
b. Draw It:
C. What happens to market clearing price?
d. What happens to equilibrium quantity?
2) New Technology Increases Efficiency in Detroit Factories
a. Supply of cars will
b. Draw It:
9. How many Thneeds are you willing to produce at $1.00?
10. How many Thneeds are you willing to produce at $11.00?
C. What happens to market clearing price?
d. What happens to equilibrium quantity?
3) Steel Prices Rise 10%
a. Supply of cars will
b. Draw It:
![Example: You make Christmas ornaments. You think you can get a higher price for your items in
Law of Supply Practice, Continued.
November and December. In February, your supply of ornaments will DECREASE but in
1. Circle the data sets that reflects the Law of Supply. Explain why it reflects the Law of Supply.
November, your supply of ornaments will INCREASE.
er of Sellers
Price
Quantity
Price
Quantity
Price
Quantity
$1.00
$1.00
More sellers in the market- supply will INCREASE
$2.00
$3.00
$4.00
$2.00
Some sellers go out of business and leave the market - supply will DECREASE.
$3.00
$4.00
$4.00
between a change in quantity supplied and a change in supply. What causes each? How
2. Assume that the data set you chose reflects the supply of Chick-fil-A biscuits at RHS on
Wednesday mornings. In the space below, graph the demand curve in a fully labeled model.
ene appear on the supply/demand model?
3. Assume that the data set below reflects the number of hours per week Harry is willing to tutor
other students at each hourly wage.
a. How hours will Harry tutor if the hourly wage was $2?
b. What will Harry do if the wage rises to $15 per hour?
Quantity of
tutoring hours
Price per
hour
per week
$10.00
$8.00
9.
4
2
$4.00
4. Thinking Critically: Some economists believe that in the factor market for wages/salary, supply
curves slope upward, but eventually begin to bend backwards. Why might this happen?
Draw what this might look like.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe9c29f78-36ca-4aa4-9e3a-62f76804b425%2Fe3200fa4-aeb7-4b83-b3cb-48ef911b97b8%2Fs8qea4e.jpeg&w=3840&q=75)
Transcribed Image Text:Example: You make Christmas ornaments. You think you can get a higher price for your items in
Law of Supply Practice, Continued.
November and December. In February, your supply of ornaments will DECREASE but in
1. Circle the data sets that reflects the Law of Supply. Explain why it reflects the Law of Supply.
November, your supply of ornaments will INCREASE.
er of Sellers
Price
Quantity
Price
Quantity
Price
Quantity
$1.00
$1.00
More sellers in the market- supply will INCREASE
$2.00
$3.00
$4.00
$2.00
Some sellers go out of business and leave the market - supply will DECREASE.
$3.00
$4.00
$4.00
between a change in quantity supplied and a change in supply. What causes each? How
2. Assume that the data set you chose reflects the supply of Chick-fil-A biscuits at RHS on
Wednesday mornings. In the space below, graph the demand curve in a fully labeled model.
ene appear on the supply/demand model?
3. Assume that the data set below reflects the number of hours per week Harry is willing to tutor
other students at each hourly wage.
a. How hours will Harry tutor if the hourly wage was $2?
b. What will Harry do if the wage rises to $15 per hour?
Quantity of
tutoring hours
Price per
hour
per week
$10.00
$8.00
9.
4
2
$4.00
4. Thinking Critically: Some economists believe that in the factor market for wages/salary, supply
curves slope upward, but eventually begin to bend backwards. Why might this happen?
Draw what this might look like.
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