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8. Shifts in supply or demand I

The following graph plots the market for electric guitars in Detroit, where there are always over 1,000 music stores. Suppose the Surgeon General issues a public statement saying that consuming electric guitars is good for your health.
Show the effect of this change on the market for electric guitars 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.
Now suppose Congress passes a tax cut that increases the income of Detroit residents.
If electric guitars are a normal good, this will cause the demand for electric guitars to    .

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.Your AnswerDemandSupplyPRICE (Dollars per guitar)QUANTITY (Guitars)D1  D2 Su...

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Posted by Cleveland on August 30, 2024

Shifts in supply or demand I

The following graph plots the market for scones in Houston, where there are always over 1,000 bakeries. Suppose Houston experiences an unexpected flood of tourists due to a major conference.
Show the effect of this change on the market for scones 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.
Now suppose Congress passes a new tax that decreases the income of Houston residents.
If scones are a normal good, this will cause the demand for scones to    .

Show the effect of this change on the market for scones 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 ...

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Posted by Cleveland on August 30, 2024

7. Movements along versus shifts of supply curves

Consider the market supply of scones.
Complete the following table by indicating whether an event will cause a movement along the supply curve for scones or a shift of the supply curve for scones, holding everything else constant.
Event
Movement Along
Shift
An increase in the number of producers
A change in technology that makes it more costly to produce scones
A decrease in the price of scones

Complete the following table by indicating whether an event will cause a movement along the supply curve for scones or a shift of the supply curve for scones, holding everything else constant.EventMovement AlongShiftAn increase in the number of producersA change in technology tha...

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Posted by Cleveland on August 30, 2024

Individual and market supply

Suppose that Kevin and Maria are the only suppliers of bobblehead dolls in some hypothetical market. Their annual supply schedules are given by the following table:
PriceKevin's Quantity SuppliedMaria's Quantity Supplied
(Dollars per bobblehead)(Bobbleheads)(Bobbleheads)
206
4812
61216
81420
101622
On the following graph, plot Kevin's supply of bobblehead dolls using the green points (triangle symbol). Next, plot Maria's supply of bobblehead dolls using the purple points (diamond symbol). Finally, plot the market supply of bobblehead dolls using the orange points (square symbol).
Note: Line segments will automatically connect the points. Remember to plot from left to right.

Note: Line segments will automatically connect the points. Remember to plot from left to right.Your AnswerKevin’s SupplyMaria’s SupplyMarket Supply081624324048121086420PRICE (Dollars per bobblehead)QUANTITY (Bobbleheads)38, 10Correct AnswerPoints:1 / 1Close ExplanationExplanation:Each point on an in...

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Posted by Cleveland on August 30, 2024
Complete the following table by selecting the term that matches each definition.
Definition
Quantity Supplied
Supply Curve
Supply Schedule
Law of Supply
A table showing the relationship between the price of a good and the amount of it that sellers are willing and able to supply at various prices
The claim that, other things being equal, the quantity supplied of a good increases when the price of that good rises
A graphical object showing the relationship between the price of a good and the amount that sellers are willing and able to supply at various prices
The amount of a good that sellers are willing and able to supply at a given price
Apply your understanding of the previous key terms by completing the following scenario with the appropriate terminology.
Your professor claims that one of the curves found on the following graph correctly illustrates the supply curve for records:
Because you understand the law of supply, you can deduce that the correct graphical representation of the supply for records must be    . Moreover, you know that at a price of $10 per record, the    is five million records.

Complete the following table by selecting the term that matches each definition.DefinitionQuantity SuppliedSupply CurveSupply ScheduleLaw of SupplyA table showing the relationship between the price of a good and the amount of it that sellers are willing and able to supply at various pricesThe claim ...

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Posted by Cleveland on August 30, 2024

4. Movements along versus shifts of demand curves

Consider the market demand for coffee.
Complete the following table by indicating whether an event will cause a movement along the demand curve for coffee or a shift of the demand curve for coffee, holding all else constant.
Event
Movement Along
Shift
A decrease in the price of tea (a substitute for coffee)
An increase in the number of consumers
An increase in the price of coffee

EventMovement AlongShiftA decrease in the price of tea (a substitute for coffee)An increase in the number of consumersAn increase in the price of coffeePoints:1 / 1Close ExplanationExplanation:The demand curve for coffee shows the relationship between the price of coffee and the quantity of coffee d...

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Posted by Cleveland on August 30, 2024

. Individual and market demand

Suppose that Musashi and Rina represent the only two consumers of laundry detergent in some hypothetical market. The following table presents their annual demand schedules for laundry detergent:
PriceMusashi’s Quantity DemandedRina’s Quantity Demanded
(Dollars per bottle)(Bottles)(Bottles)
21232
4624
6416
8212
1008
On the following graph, plot Musashi’s demand for laundry detergent using the green points (triangle symbol). Next, plot Rina’s demand for laundry detergent using the purple points (diamond symbol). Finally, plot the market demand for laundry detergent using the blue points (circle symbol).
Note: Line segments will automatically connect the points. Remember to plot from left to right.

Note: Line segments will automatically connect the points. Remember to plot from left to right.Your AnswerMusashi’s DemandRina’s DemandMarket Demand081624324048121086420PRICE (Dollars per bottle)QUANTITY (Bottles)8, 10Correct AnswerPoints:1 / 1Close ExplanationExplanation:Each point on an individual...

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Posted by Cleveland on August 30, 2024

Demand terminology

Complete the following table by selecting the term that matches each definition.
Definition
Quantity Demanded
Demand Curve
Demand Schedule
Law of Demand
A graphical object showing the relationship between the price of a good and the amount of the good  that buyers are willing and able to purchase at various prices
The claim that, with other things being equal, the quantity demanded of a good falls when the price of that good rises
The amount of a good that buyers are willing and able to purchase at a given price
A table showing the relationship between the price of a good and the amount that buyers are willing and able to purchase at various prices
Apply your understanding of the previous key terms by completing the following scenario with the appropriate terminology.
Your boss would like your help on a marketing research project she is conducting on the relationship between the price of almonds and the quantity of almonds demanded. She hands you the following document:
Price of AlmondsQuantity of Almonds Demanded
(Dollars per can)(Billions of cans)
0.502,000
0.751,500
1.001,000
1.25750
Your task is to take this    and construct a graphical representation of the data. In doing so, you determine that as the price of almonds rises, the quantity of almonds demanded decreases. This confirms the    .

Complete the following table by selecting the term that matches each definition.DefinitionQuantity DemandedDemand CurveDemand ScheduleLaw of DemandA graphical object showing the relationship between the price of a good and the amount of the good that buyers are willing and able to purchase at variou...

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Posted by Cleveland on August 30, 2024
dentical products, as well as a large number of buyers and sellers, are characteristics of a    market. In such markets, sellers of goods    influence the prevailing market price, giving them the role of price    in the market.
True or False: The market for rice exhibits the two primary characteristics that define perfectly competitive markets.

Identical products, as well as a large number of buyers and sellers, are characteristics of aperfectly competitive   market. In such markets, sellers of goodscannot   influence the prevailing market price, giving them the role of pricetakers   in the market.Points:1 / 1...

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Posted by Cleveland on August 30, 2024

The price of trade

Suppose that Ireland and Luxembourg both produce boots and glass. Ireland's opportunity cost of producing a pane of glass is 6 pairs of boots while Luxembourg's opportunity cost of producing a pane of glass is 11 pairs of boots.
By comparing the opportunity cost of producing glass in the two countries, you can tell that    has a comparative advantage in the production of glass and    has a comparative advantage in the production of boots.
Suppose that Ireland and Luxembourg consider trading glass and boots with each other. Ireland can gain from specialization and trade as long as it receives more than    of boots for each pane of glass it exports to Luxembourg. Similarly, Luxembourg can gain from trade as long as it receives more than    of glass for each pair of boots it exports to Ireland.
Based on your answer to the last question, which of the following prices of trade (that is, price of glass in terms of boots) would allow both Luxembourg and Ireland to gain from trade? Check all that apply.

By comparing the opportunity cost of producing glass in the two countries, you can tell thatIreland   has a comparative advantage in the production of glass andLuxembourg   has a comparative advantage in the production of boots.Points:1 / 1Close ExplanationExplanation:Ireland has...

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Posted by Cleveland on August 30, 2024