you are a producer of lithium batteries. last month, a flood at your factory eliminated 50%...
you are a producer of lithium batteries. last month, a flood at your factory eliminated 50% of your firm's production capacity. At the same time, your compensation increased by 5% because of an increase in healthcare costs. What is the consequence of these events?
Homework Answers
Solution
Solution
The flood shifts the supply to the left.
The flood does not shift the demand curve.
The increase in healthcare costs doesn't shift the demand
curve.
The increase in healthcare costs shifts the supply curve to the left.
Reason -
we know that ,
All of this is correct because
the drop in supply will ease the supply on the left side
and due to the cost of supply, the supply will remain unchanged and the demand will not change.
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