13. The variety of supply curves The following graph displays four supply curves (LL, MM, NN, and OO) that intersect at point V. PRICE (Dollars per unit) 100 90 80 70 60 8 9 30 20 10 0 4+ N W Y * M M L N 0 10 < + x++ + N+ 20 30 40 50 60 70 QUANTITY (Units) 80 90 100 Using the graph, complete the table that follows by indicating whether each statement is true or false. Statement Between points V and X, curve LL is elastic. Between points V and Z, curve MM is perfectly inelastic. Curve LL is more elastic between points V and X than curve OO is between points V and Y. True False O

13. The variety of supply curves The following graph displays four supply curves (LL, MM, NN, and OO) that intersect at point V. PRICE (Dollars per unit) 100 90 80 70 60 8 9 30 20 10 0 4+ N W Y * M M L N 0 10 < + x++ + N+ 20 30 40 50 60 70 QUANTITY (Units) 80 90 100 Using the graph, complete the table that follows by indicating whether each statement is true or false. Statement Between points V and X, curve LL is elastic. Between points V and Z, curve MM is perfectly inelastic. Curve LL is more elastic between points V and X than curve OO is between points V and Y. True False O

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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13. The variety of supply curves The following graph displays four supply curves (LL, MM, NN, and OO) that intersect at point V. PRICE (Dollars per unit) 20 18 16 14 12 10 8 4 2 0 10 M 2 4 N + 8 10 12 QUANTITY (Units) 14 16 M 18 20 (?)
9. The variety of supply curves The following graph displays four supply curves (LL, MM, NN, and OO) that intersect at point V. PRICE (Dollars per unit) 200 180 160 140 120 100 80 60 40 20 0 H 0 M 20 40 60 W N X + +Y N >++N 80 100 120 140 160 QUANTITY (Units) O M 180 + 200 ?
5. The variety of demand curves The following graph displays four demand curves (LL, MM, NN, and OO) that intersect at point A. PRICE (Dollars per unit) 400 360 320 280 240 200 160 120 80 40 H 0 40 M B N + 'xx. DE O A N M + 80 120 160 200 240 280 320 360 400 QUANTITY (Units) ?
9. Shirts in supply or demana 11 The following graph shows the market for croissants in San Diego, where there are over 1,000 bakeries at any given moment. Suppose an innovation in the baking process makes it possible to produce more croissants at a lower cost than ever before. Show the effect of this change on the market for croissants by shifting one or both of the curves on the following graph, holding all else constant. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. PRICE (Dollars per croissant) QUANTITY (Croissants) Supply Demand Demand T Supply ?
13. The table below gives part of the supply schedule for personal computers in the United States. Price Quantity Supplied before tech change Quantity Supplied after tech $1,100 $900 12,000 8,000 change 13,000 9,000 a) Calculate the price elasticity of supply when price rises from $900 to $1,100 using the arc elasticity formula (the midpoint method). b) Now suppose that technology changes such that at every price, 1000 more computers are supplied. Now, as prices rise from $900 to $1,100, is the elasticity of supply smaller than, larger than, or equal to the elasticity in part a)? c) Does the change in b) change the slope of the supply curve? Are slope and elasticity the same thing? Explain.
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7 The diagram below shows the demand and supply curves for potatoes, where X is the initial equilibrium. Price X A A B B C C D D S3 C S1 D3 S2 D1 D2 Quantity Following a rise in the price of substitutes to potatoes and an increase in wages for potato farmers, what would be th new equilibrium point?
1. This pandemic, the prices for vegetables in a certain place has went down. Many people went to the market to buy vegetables but they ended up failed because they werent able to buy their needs. The prices of the vegetables are 40,50,60,80,90 and the amount of vegetables at the market ranges from 100,120,140,160,180. Explain how the changes occur using a grahical illustration or interaction of demand curve and supply curve. 2. Is the quantity demanded risen and the quantity supply decrease?
Show the impact of colder than average spring weather in the Northwest United States on the markets for each of the following products. Indicate what you expect to happen to the market equilibrium price of each product.
12. What is the difference between a change in supply and a change in quantity supplied? A (change in supply) or to the right (an increase in supply). A change in supply, therefore, is a change in the entire supply schedule or curve. ) is a shift in the entire supply curve either to the left (a decrease in In contrast, a ( change in schedule from one price-quantity combination to another. A change in product price causes the change in quantity supplied. ) is a movement along an existing supply curve or PA P (Increase, Decrease) in (Increase, Decrease) in
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