Consider the supply of a good illustrated in the graph below.
Consider the supply of a good illustrated in the graph below. Suppose firms exit the industry. What effect would this have in the graph?
This would result in a slide down the supply curve.
This would result in a slide up the supply curve.
This would shift the supply curve to the right.
Homework Answers
Option 4. This would shift the supply curve to the left.
Explanation: Exit of firms would lower the market supply at any given price. So, the supply curve would shift toward the left.
Question 1 (1 point) Consider the demand for a good illustrated in the figure below. Suppose...
Question 1 (1 point) Consider the demand for a good illustrated in the figure below. Suppose the price of a complement decreases. What effect would this have in the graph? p. Price po Do Qo Quantity This would result in a slide down the demand curve This would result in a slide up the demand curve. This would result the demand curve shifting to the left 4 5 6 Question 2 (1 point) Consider the demand for a good illustrated...
Consider the demand for a good illustrated in the figure below.
Consider the demand for a good illustrated in the figure below. Suppose the population decreases. What effect would this have in the graph? This would result in a slide down the demand curve. This would result in a slide up the demand curve. This would result the demand curve shifting to the leftThis would result the demand curve shifting to the right.
Suppose expected future prices fall. What effect would this have in the graph?
Consider the demand for a good illustrated in the figure below. Suppose expected future prices fall. What effect would this have in the graph? This would result in a slide down the demand curve. This would result in a slide up the demand curve This would result the demand curve shifting to the let This would result the demand curve shifting to the right 09 0
Consider the market for soybeans illustrated in the figure below.
Consider the market for soybeans illustrated in the figure below. Assume the market is initially in equilibrium at point A. Suppose the price of peas increases (and that peas are a substitute for soybeans). How does this affect the market? The soybean demand curve will shift to the right. The soybean demand curve will shift to the left. The soybean supply curve will shift to the right. The soybean supply curve will shift to the left
Please label coordinates to graph in (x,y) format for supply 10 firms, supply 15 firms, and...
Please label coordinates to graph in (x,y) format for supply 10
firms, supply 15 firms, and supply 20 firms as well please.
for last statement options are
firms in this industry would (earn a positive profit, shut down,
operate at a loss, earn zero profit)
in the long run, firms would (enter, exit, neither enter nor
exit)
competetive firms earn (positive, negative, zero)
this means there will be (10, 15, 20)
5. Short-run supply and long-run equilibrium Consider the competitive...
Consider the market for money illustrated in the figure below. Assume the market initially (just prior...
Consider the market for money illustrated in the figure below.
Assume the market initially (just prior to the legislation) is in
equilibrium at point A. What effect will the tax cuts have on the
market for money?
The money demand curve wi t h Question 61 point) Saved 2017 Thumo The demand curve with the The short an ergate supply carve will shit to the right The reste demand curve will into the Question it point 4000130%..
Deriving the short-run supply curve Consider the competitive market for halogen lamps. The following graph shows...
Deriving the short-run supply curve
Consider the competitive market for halogen lamps. The following
graph shows the marginal cost (MC), average total cost (ATC), and
average variable cost (AVC) curves for a typical firm in the
industry.
For each price in the following table, use the graph to
determine the number of lamps this firm would produce in order to
maximize its profit. Assume that when the price is exactly equal to
the average variable cost, the firm is indifferent...
In the long run, some firms will respond by until On the graph below, shift the...
In the long run, some firms will respond by until On the graph below, shift the demand curve, the supply curve, or both on the following diagram to illustrate both the short-run effects of the PHAC'S report and the new long-run equilibrium after firms and consumers finish adjusting to the news. Supply Demand Supply PRICE (Dollars per kilogram) Demand 0 100 900 1000 200 300 400 500 600 700 800 QUANTITY (Milions of kilograms) The new equilibrium price and quantity...
Question Six (worth ten points) Refer to Graph Two in answering the parts of this question....
Question Six (worth ten points) Refer to Graph Two in answering the parts of this question. Assume that initially we are at equilibrium at point M and that the cost to each firm of producing a unit of the good goes down by $15 per unit. This shifts the supply curve to the right. (a) How much did supply go up (measured in units of the good)? There is an excess supply at the price of $50. This excess demand,...
12 & 13. Wasn’t sure if my answers were right. 12 Consider a typical supply and...
12 & 13. Wasn’t sure if my answers were right.
12 Consider a typical supply and demand framework in which Demand and Supply have their usu opes $Price (P) Quantity (Q) 0 Suppose the market is initially in equilibrium at P on the graph above. If there were a decrea demand, what would be the situation in the market if the price did not change? a. Surplus. b. Shortage. Atendency for the price to increase frorn its original level d....
Question 1 (1 point) Consider the demand for a good illustrated in the figure below. Suppose the price of a complement decreases. What effect would this have in the graph? p. Price po Do Qo Quantity This would result in a slide down the demand curve This would result in a slide up the demand curve. This would result the demand curve shifting to the left 4 5 6 Question 2 (1 point) Consider the demand for a good illustrated...
Please label coordinates to graph in (x,y) format for supply 10
firms, supply 15 firms, and supply 20 firms as well please.
for last statement options are
firms in this industry would (earn a positive profit, shut down,
operate at a loss, earn zero profit)
in the long run, firms would (enter, exit, neither enter nor
exit)
competetive firms earn (positive, negative, zero)
this means there will be (10, 15, 20)
5. Short-run supply and long-run equilibrium Consider the competitive...
Consider the market for money illustrated in the figure below.
Assume the market initially (just prior to the legislation) is in
equilibrium at point A. What effect will the tax cuts have on the
market for money?
The money demand curve wi t h Question 61 point) Saved 2017 Thumo The demand curve with the The short an ergate supply carve will shit to the right The reste demand curve will into the Question it point 4000130%..
Deriving the short-run supply curve
Consider the competitive market for halogen lamps. The following
graph shows the marginal cost (MC), average total cost (ATC), and
average variable cost (AVC) curves for a typical firm in the
industry.
For each price in the following table, use the graph to
determine the number of lamps this firm would produce in order to
maximize its profit. Assume that when the price is exactly equal to
the average variable cost, the firm is indifferent...
In the long run, some firms will respond by until On the graph below, shift the demand curve, the supply curve, or both on the following diagram to illustrate both the short-run effects of the PHAC'S report and the new long-run equilibrium after firms and consumers finish adjusting to the news. Supply Demand Supply PRICE (Dollars per kilogram) Demand 0 100 900 1000 200 300 400 500 600 700 800 QUANTITY (Milions of kilograms) The new equilibrium price and quantity...
Question Six (worth ten points) Refer to Graph Two in answering the parts of this question. Assume that initially we are at equilibrium at point M and that the cost to each firm of producing a unit of the good goes down by $15 per unit. This shifts the supply curve to the right. (a) How much did supply go up (measured in units of the good)? There is an excess supply at the price of $50. This excess demand,...
12 & 13. Wasn’t sure if my answers were right.
12 Consider a typical supply and demand framework in which Demand and Supply have their usu opes $Price (P) Quantity (Q) 0 Suppose the market is initially in equilibrium at P on the graph above. If there were a decrea demand, what would be the situation in the market if the price did not change? a. Surplus. b. Shortage. Atendency for the price to increase frorn its original level d....
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