Principles Of Microeconomics
7th Edition
ISBN: 9781260111088
Author: Robert H. Frank, Ben Bernanke, Kate Antonovics, Ori Heffetz
Publisher: McGraw-Hill Education
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Question
Chapter 3, Problem 1P
To determine
The impact on the supply curve in different situations.
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How would each of the following affect the market supply curve for corn?
1. A new and improved crop rotation technique is discovered.
2. The price of fertilizer increases
3. The government increases taxes on farmers.
4. A tornado sweeps through farm land.
How does the price of corn affect the supply of wheat?
The price of wheat increases. What happens in the market for wheat?
Chapter 3 Solutions
Principles Of Microeconomics
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Similar questions
- A change in resources. Change in prices of other goods. A change in producer expectation. How are those changes that are mentioned affect the quantity supplied?arrow_forwardIn 2020, wildfires and wildfire smoke destroyed thousands of acres of wine grape crops in northern California. Describe and illustrate the impact on the market for wine.arrow_forwardCarefully explain what is happening in the following market. Indicate the impact if any on demand, supply, price and quantity.arrow_forward
- Explain the impact of higher corn prices on consumers. Draw a graph explaining the impact of higher corn prices on consumers. Explain which curve will shift on your graph and the change in price and quantity demanded. Explain the impact of higher corn prices on producers. Draw a graph explaining the impact of higher corn prices on producers. Explain which curve will shift on your graph and the change in price and quantity supplied.arrow_forwardWhich of the following will NOT shift the supply curve for lawnmowers? a. a change in the number of firms supplying lawnmowers b. an increase in the price of a substitute good c. an increase in the price of a resource used to produce lawnmowers d. a technological advancearrow_forwardWhich of the following would cause a supply curve to shift to the left? A. The cost of resources needed to produce a good increases. B. The government lowers taxes on the import of a good. C. The technology used to produce a good improves. D. The number of sellers of a particular good increases.arrow_forward
- The price of the commodity falls. What will happen to the quantity demanded and the quantity supplied for this commodity.arrow_forwardMost people demand goods and services much less than they want. True or False? Explain your answer. How might the price of wheat affect the supply of rice?arrow_forwardUse supply and demand curves to illustrate and explain how each of the following events would affect the market for petrol in Singapore. Please explain and draw the daigram An increase in the demand for cars. A decrease in excise tax on petrol. A continuation of conflict between global oil suppliers. A global recession. A government subsidy paid to electric car manufacturers.arrow_forward
- Which of the following will NOT shift the supply curve for sewing machines? a. an increase in the price of a resource used to produce sewing machines b. a technological advance c. a change in the number of firms supplying sewing machines d. an increase in the price of a substitute goodarrow_forwardExceptions to the law of supplyarrow_forwardFor each of the following changes in the market for apples, explain why supply will increase, decrease, or remain unchanged. Some apple farmers go out of business and cut down their orchards. The price of apples increases.arrow_forward
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