based on the graph fill in the blanks ### Supply for Sedans: Interactive Graph ToolThis tool allows users to understand and visualize supply dynamics in the sedan market. #### Graph ExplanationThe graph displayed provides insights into the relationship between the price and quantity supplied of sedans on a monthly basis. - **X-axis (Horizontal)**: Represents the quantity of sedans supplied per month (measured in sedans).- **Y-axis (Vertical)**: Represents the price of sedans (measured in thousands of dollars).- **Supply Curve (Orange Line)**: Indicates the relationship between price and quantity supplied. As the price increases, the quantity supplied also increases.A point on the graph shows a specific price and the corresponding quantity of sedans supplied at that price. For example, at a price of $20,000, the corresponding quantity supplied is 225 sedans per month (highlighted by the dashed black lines meeting at this point). #### Graph Input Tool##### Adjustable Parameters- **Price of a Sedan (Thousands of dollars)**: Editable field to input a different price for sedans. Adjusting this value will show how changes in price can affect the quantity supplied.##### Fixed Outputs- **Quantity Supplied (Sedans per month)**: Displays the resulting quantity supplied based on the entered price.##### Supply ShiftersThese are parameters that can shift the supply curve, essentially factors that impact the production capacity and costs:- **Robot Speed**: Given in bolts per hour, this indicates automation efficiency in manufacturing. Higher robot speed can increase production efficiency.- **Autoworker Wage**: Represents the labor cost, in dollars per hour. Changes in wages can affect total production costs and supply.By manipulating these variables, users can observe changes in the supply curve and gain a deeper understanding of how various factors impact the supply side of the market. **Supply and Demand Curve Analysis**Consider the previous graph. Suppose that the price of a sedan increases from $21,000 to $26,000. This would cause the _______________▼ of sedans to increase, which is reflected on the graph by a _______________▼ the supply curve. Suppose the workers' union accepts a pay cut. This causes a _______________▼ the supply curve because the pay cut makes cars _______________▼.

Greater quantities of product are supplied at higher prices, while fewer quantities are supplied at…

Consider the previous graph. Suppose that the price of a sedan increases from $21,000 to $26,000. This would cause the sedans to increase, which is reflected on the graph by a the supply curve. Suppose the workers' union accepts a pay cut. This causes a the supply curve because the pay cut makes cars of

Consider the previous graph. Suppose that the price of a sedan increases from $21,000 to $26,000. This would cause the sedans to increase, which is reflected on the graph by a the supply curve. Suppose the workers' union accepts a pay cut. This causes a the supply curve because the pay cut makes cars of

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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