After the invention of the cotton gin in 1793, shirt production became more efficient. If everything...
After the invention of the cotton gin in 1793, shirt production became more efficient. If everything else remained constant and this production efficiency was the only change that affected the supply and demand for shirts, what would we expect to happen to the equilibrium price and equilibrium quantity? Use a supply and demand graph to supplement your explanation.
Homework Answers
As there is the invention of the cotton gin in 1793 , which made the shirt production more efficient. Then , the supply of shirts would increases, therefore supply curve shifts to the right from S1 to S2. As a result ,the equilibrium price decreases and equilibrium quantity increases.
This is shown in the below figure:
Add Answer to:
After the invention of the cotton gin in 1793, shirt production
became more efficient. If everything...
Please help with these questions, Question 5 0.16 pts When firms in a market expect the...
Please help with these questions,
Question 5 0.16 pts When firms in a market expect the price of their products to rise, the supply curve of their goods causing the equilibrium price to O decreases; rise increases; rise and the equilibrium quantity to fall decreases; fall increases; fall O increases; rise Question 6 0.16 pts Taxes cause the equilibrium price of a good to Ogo up only for producers. O decrease O go down only for consumers O increase. remain...
19. Suppose that a more efficient way to produce a good is discovered, thus lowering production...
19. Suppose that a more efficient way to produce a good is discovered, thus lowering production costs for the good. This will cause a. no change in the supply curve, only a change in price b. a decrease in supply (a leftward shift of the supply curve) c. a movement up the supply curve d. a movement down the supply curve. e. an increase in supply (a rightward shift of the supply curve) If the quantity demanded changes substantially with...
1. Best Bagels Company makes bagels. The law of demand implies, holding everything else constant, that...
1. Best Bagels Company makes bagels. The law of demand implies, holding everything else constant, that a. as the price of bagels increases, the quantity of bagels demanded will increase. b. as the price of bagels increases, the demand for bagels will increase. c. as the price of bagels increases, the quantity of bagels demanded will decrease. d. as the price of bagels increases, the demand for bagels will decrease! 2. When the price of a normal good falls, ceteris...
only question 4 Review_Questions_Chapters_3_4 - Word Tell me what you want to do Acrobat AaBbCcDc AaBbCeD&...
only question 4
Review_Questions_Chapters_3_4 - Word Tell me what you want to do Acrobat AaBbCcDc AaBbCeD& AaBbC AaBbcc Aab AaBbccc AaBbCeDe AaBbce T Normall 11 No Spac... Heading 1 Heading 2 Title Subtitle Subtle Em... Empha- Styles 4. Predict the impact on equilibrium price and quantity for the relevant markets given the following changes. Analyze graphically labeling all curves clearly and indicating original equilibrium price and quantity and the new equilibrium price and quantity. Draw a separate supply and demand...
1. Suppose that Adam's willingness To Pay (WTP) for a shirt of a particular brand is...
1. Suppose that Adam's willingness To Pay (WTP) for a shirt of a particular brand is equal to 525. The market price of the brand is initially = $35 (thus, Adam's "consumer's surplus" SO, since he won't buy the shirt at that price). But then the brand becomes less popular (although Adam's WTP still equals 5 25; note that the Demand Curve will shift to the left when the brand becomes less popular). a.) Use a relevant graph to show...
Fill in the blanks. Indicate areas by listing the vertexes of the area as one moves...
Fill in the blanks. Indicate areas by listing the vertexes of the area as one moves around the area in a clockwise direction-e.g. see the labeling of areas on pages 40 - 43 of the Module 3B Lecture Notes. 1. In the graph below, a) If the market price is P, and the market quantity is Q3, then consumer surplus is shown by the area b) If the market price is P, and the market quantity is Q3, then producer...
PL P 21. Problem 16 points Suppose Djibouti is a small part of the world market...
PL P 21. Problem 16 points Suppose Djibouti is a small part of the world market for hockey sticks and the capital is l-spanka a. (7 points) Draw a graph depicting the cuilibrium in the Dibouti hockey stick market in a world without trade, labeling everything, including the couilibrium price & quantity and both consumer & producer surplus. (You may create demand and supply schedules using numbers if you wish but you are not required to do so). Please show...
A country's consumption possibilities frontier can be outside its production possibilities frontier if a
1. A country's consumption possibilities frontier can be outside its production possibilities frontier if a. the country engages in trade. b. the citizens of the country have a greater desire to consume goods and services than do the citizens of other countries. c. the country’s technology is superior to the technologies of other countries.d. All of the above are correct. 2. A production possibilities frontier will be a straight line if a. increasing the production of one good by x...
Question 1: A recent study found that the demand and supply schedules for Frisbees are as...
Question 1: A recent study found that the demand and supply schedules for Frisbees are as follows: Price per Frisbee Quantity Demanded Quantity Supplied $11 1 million 15 million 10 2 12 9 4 9 8 6 6 7 8 3 6 10 1 a) What are the equilibrium price and quantity of Frisbees? b) Frisbees manufacturers persuade the government that Frisbees production improves scientists, understanding of aerodynamics and thus is important for national security. A concerned Parliament votes to...
Please help with these questions,
Question 5 0.16 pts When firms in a market expect the price of their products to rise, the supply curve of their goods causing the equilibrium price to O decreases; rise increases; rise and the equilibrium quantity to fall decreases; fall increases; fall O increases; rise Question 6 0.16 pts Taxes cause the equilibrium price of a good to Ogo up only for producers. O decrease O go down only for consumers O increase. remain...
19. Suppose that a more efficient way to produce a good is discovered, thus lowering production costs for the good. This will cause a. no change in the supply curve, only a change in price b. a decrease in supply (a leftward shift of the supply curve) c. a movement up the supply curve d. a movement down the supply curve. e. an increase in supply (a rightward shift of the supply curve) If the quantity demanded changes substantially with...
1. Best Bagels Company makes bagels. The law of demand implies, holding everything else constant, that a. as the price of bagels increases, the quantity of bagels demanded will increase. b. as the price of bagels increases, the demand for bagels will increase. c. as the price of bagels increases, the quantity of bagels demanded will decrease. d. as the price of bagels increases, the demand for bagels will decrease! 2. When the price of a normal good falls, ceteris...
only question 4
Review_Questions_Chapters_3_4 - Word Tell me what you want to do Acrobat AaBbCcDc AaBbCeD& AaBbC AaBbcc Aab AaBbccc AaBbCeDe AaBbce T Normall 11 No Spac... Heading 1 Heading 2 Title Subtitle Subtle Em... Empha- Styles 4. Predict the impact on equilibrium price and quantity for the relevant markets given the following changes. Analyze graphically labeling all curves clearly and indicating original equilibrium price and quantity and the new equilibrium price and quantity. Draw a separate supply and demand...
1. Suppose that Adam's willingness To Pay (WTP) for a shirt of a particular brand is equal to 525. The market price of the brand is initially = $35 (thus, Adam's "consumer's surplus" SO, since he won't buy the shirt at that price). But then the brand becomes less popular (although Adam's WTP still equals 5 25; note that the Demand Curve will shift to the left when the brand becomes less popular). a.) Use a relevant graph to show...
Fill in the blanks. Indicate areas by listing the vertexes of the area as one moves around the area in a clockwise direction-e.g. see the labeling of areas on pages 40 - 43 of the Module 3B Lecture Notes. 1. In the graph below, a) If the market price is P, and the market quantity is Q3, then consumer surplus is shown by the area b) If the market price is P, and the market quantity is Q3, then producer...
PL P 21. Problem 16 points Suppose Djibouti is a small part of the world market for hockey sticks and the capital is l-spanka a. (7 points) Draw a graph depicting the cuilibrium in the Dibouti hockey stick market in a world without trade, labeling everything, including the couilibrium price & quantity and both consumer & producer surplus. (You may create demand and supply schedules using numbers if you wish but you are not required to do so). Please show...
Most questions answered within 3 hours.
-
Required information
[The following information applies to the questions
displayed below.]
Satellite Systems modified its model...
asked 3 minutes ago -
When one molecule of methane combusts with oxygen, 5.74 X
10-21 J is released as heat....
asked 9 minutes ago -
High Normal blood pressure is categorized as which of
the following?
140-159/90-99
120/80
130-139/85-89
160/100
asked 12 minutes ago -
Please I need help with MATLAB .. PLease help me . Thankyou
Write Matlab code to...
asked 10 minutes ago -
You are saving towards purchasing a house and currently have
$20,000 in an account that earns...
asked 19 minutes ago -
Draw three resonance structures for each of
the following:
(a) -CH2NO2 (b) CH3CO2CH3
(c) -CH2CO2- (d)...
asked 26 minutes ago -
There has been discussion about people moving from Earth to Mars
in the future. An organization...
asked 26 minutes ago -
Starting Out with c++ Student Line Up Using Files A teacher has
asked all her students...
asked 27 minutes ago -
Two point charges totaling 9.00 µC exert a repulsive force of
0.200 N on one another...
asked 28 minutes ago -
In Visual Studio 2017
Populate a two-dimensional array with the following prices in
this table order:...
asked 38 minutes ago -
Answer below in detail
1. Reverse Logistics - Introduction
2. The world before and after reverse...
asked 43 minutes ago -
Find the area of the shaded region. The graph to the right
depicts IQ scores of...
asked 54 minutes ago