ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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- f the price of a haircut is $10, the number of haircuts provided is 200. If the price rises to $15 per haircut, barbers will work much longer hours, and the supply of haircuts will increase to 250. Instructions: Round your answer to two decimal places. The price elasticity of supply for haircuts between $10 and $15 using the mid-point method is.arrow_forward13. 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 (?)arrow_forwardA farmer produced 8400 tons of grapes and each ton sales for $200. Grapes are found to be a perfect cure for Corona Virus. As a result, the price of grapes went from $200 per ton to $10,000 per ton. How many tons will the farmer sale? Using your knowledge of price elasticity of supply, draw a graph illustrating this sale. What will happen in the market for grapes in one year if the price hold steady at $10, 000. Draw a graph showing this.arrow_forward
- 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.arrow_forwardPrice of tin and silicone decrease affecting the market for iPhones A)Decrease in supply B)Decrease in demand C)Increase in supply D)Increase in demandarrow_forwardPlease only Typing answer I need ASAParrow_forward
- 13) . Consider the following supply schedule for shoes. Price Quantity Supplied $5 425 $10 445 $15 465 $20 485 $25 505 $30 525 $35 545 $40 565 Suppose that the price of shoes increases from $25 to $30. Using the mid-point approach, calculate price elasticity of supply.arrow_forwardSuppose the accompanying table contains data on how many Veggie Delite sandwiches Subway is willing to sell each day at two different prices. Calculate the daily price elasticity of supply when the price increases from $5.00 to $7.50. Please round to the nearest hundredth. Price(per sandwich) Quantity supplied(sandwiches per day) $5.00 200,000 $7.50 210,000 a. Daily price elasticity of supply for Veggie Delite sandwiches = b. The daily price elasticity of supply for Veggie Delite sandwiches is relatively Elastic or Inelastic Now consider how responsive Subway’s supply of Veggie Delite sandwiches is to changes in price on an annual basis instead of a daily basis. c. Compared to the daily value, the annual price elasticity of supply for Veggie Delite sandwiches is likely to be more Inelastic or Elastic and the annual supply curve is likely Flatter or Steeper to be than the daily supply curve.arrow_forward13. The variety of supply curves The following graph displays four supply curves (HH, II, JJ, and KK) that intersect at point A .arrow_forward
- 15. Market equilibrium The following table presents the weekly demand and supply in the market for sweatpants in Philadelphia. Price (Dollars per pair of sweatpants) 6 12 18 24 30 Quantity Demanded (Pairs of sweatpants) 1,650 1,350 1,200 900 750 Quantity Supplied (Pairs of sweatpants) 300 600 750 1,350 1,800 On the following graph, plot the demand for sweatpants using the blue point (circle symbol). Next, plot the supply of sweatpants using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for sweatpants. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.arrow_forward9. In recent years, the number of car producers in China has increased rapidly. In fact, China now has more car brands than the United States. In addition, car sales have climbed every year and automakers have increased their output at even faster rates, causing fierce competition and a decline in prices. At the same time, Chinese consumers' incomes have risen. Assume that cars are a normal good. Draw a diagram of the supply and demand curves for cars in China to explain what has happened in the Chinese car market.arrow_forward26arrow_forward
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