Homework Answers
18)
An advance in technology, will reduce the the required input ratio. So, total cost and marginal cost will decrease. Firm's supply will increase as a result of cost reduction.
So, correct option is
c) shift the supply curve to the right.
19)
Equilibrium price is a price where quantity demanded equals quantity supplied.
We can see that quantity demanded is equal to quantity supplied at a price of $6. Hence equilibrium price is $6
Correct option is
B. $6
Add Answer to:
18) An advance in production technology will O A. increase a firm's costs O B. firms...
5. Improvements in technology that reduce production costs cause the _____ curve to shift to the _____, indicating a(n)...
5. Improvements in technology that reduce production costs cause the _____ curve to shift to the _____, indicating a(n) _____ in the amount _____ at each price point.A.demand; right; increase; demandedB.supply; left; decrease; suppliedC.demand; left; decrease; demandedD.supply; right; increase; supplied6. Assume a farmer’s land is equally productive in growing corn or potatoes and is currently producing both. If the price of corn increases but the price of potatoes does not change, the farm’s supply curve for potatoes will:A.shift to the...
questions 20 18. A movement downward and to the right along a demand curv a. increase...
questions 20
18. A movement downward and to the right along a demand curv a. increase in demand. b. decrease in demand. c. decrease in quantity demand d increase in quantity demand. 19. The law of supply says that an increase in a price causes quantity supplied to increase. b. price causes quantity supplied to decrease. c. quantity supplied causes price to increase d. quantity supplied causes price to decrease 20. A downward-sloping demand curve shows a that demand decreases...
QUESTION 11 An advance in technology in the production of good X causes a. a leftward...
QUESTION 11 An advance in technology in the production of good X causes a. a leftward shift in the supply curve for good X. b. the supply curve for good X to change from vertical to upward sloping, c. the supply curve for good X to change from upward sloping to vertical. d. a rightward shift in the supply curve for good X. QUESTION 13 -- you incur an Every time you make a a. competitive move; price b. decision;...
10. An increase in supply is the same as: A. a movement up along a supply...
10. An increase in supply is the same as: A. a movement up along a supply curve B. a change in the good's price C. a shift rightward in the supply curve. D. a shift leftward in the supply curve. E. Both A and D. 11. Which of the following statements is (are) correct? (x) The unique point at which the supply and demand curves intersect is called equilibrium and the equilibrium price is the only price where quantity supplied...
Transaction costs include costs of negotiating contracts with other firms. cost of enforcing contracts. the existence...
Transaction costs include
costs of negotiating contracts with other firms.
cost of enforcing contracts.
the existence of asset-specificity.
all of the above
1.25000 points
QUESTION 8
Firms are organized to keep their costs as low as possible
by
comparing internal operating cost and external transactions cost
associated with outsourcing.
analyzing supply and demand conditions.
minimizing their use of borrowed funds.
pricing their products appropriately.
1.25000 points
QUESTION 9
Consider the following graph, which shows two lines. The
downward-sloping...
59. Market equilibrium A market equilibrium is a quantity-price pair in which: A. The government equates the selling and buying price of The price is such that the quantity demanded is equal to t...
59. Market equilibrium A market equilibrium is a quantity-price pair in which: A. The government equates the selling and buying price of The price is such that the quantity demanded is equal to the The level of happiness among people is as high as possible. supplied quantity supp A price increase would cause people to want to buy 1 of the good. E. The supply curve and demand curve are equivalent. The Marginal Product of Labor (MPL) is equal to...
19. Ifthe price ofoil (a close substitute for coal) increases, then the a. supply curve for...
19. Ifthe price ofoil (a close substitute for coal) increases, then the a. supply curve for coal will shift to the right. b. demand curve for coal will shift to the tight. C. equilibrium price and quantity of coal will not change. d. quantity of coal demanded will decline. 20. If the rice of shoes is initially above the equilibrium value, which of the following is likely to occur? a. stores inventories will decrease as consumers buy more shoe than...
1. An industry currently has 250 firms, each of which has fixed costs of $50 and...
1. An industry currently has 250 firms, each of which has fixed costs of $50 and average variable costs as follows: (20 points) Quantity Average Variable Cost 2 10 a. Compute a firm's marginal cost and average total cost for each quantity from 1 to 6. b. The equilibrium price is currently $46. How much does each firm produce? What is the total quantity supplied in the market? In the long run, firms can enter and exit the market, and...
5. Short-run marginal costs for firms "A" and "B" are given by SMC = 204 and...
5. Short-run marginal costs for firms "A" and "B" are given by SMC = 204 and SMC = 498. Assume that these firms behave under the rules of perfect competition. a. Using diagrams, derive the market supply curve for this industry. Market demand is given by D = 60-0.750. Solve for the equilibrium price, equilibrium quantity and the quantity supplied by each firm.
QUESTION 18 Which of the following would be considered a non-price variable? Income Elasticity Absolute Advantage...
QUESTION 18 Which of the following would be considered a non-price variable? Income Elasticity Absolute Advantage Change in the price of my product QUESTION 19 If there is an increase in the price of hamburgers in Louisville, what effect would that have on supply? No effect. It is a demand issue. The supply would increase and the supply curve would shift to the right. No effect. It would change quantity supplied. The supply would decrease and the supply curve would...
questions 20
18. A movement downward and to the right along a demand curv a. increase in demand. b. decrease in demand. c. decrease in quantity demand d increase in quantity demand. 19. The law of supply says that an increase in a price causes quantity supplied to increase. b. price causes quantity supplied to decrease. c. quantity supplied causes price to increase d. quantity supplied causes price to decrease 20. A downward-sloping demand curve shows a that demand decreases...
QUESTION 11 An advance in technology in the production of good X causes a. a leftward shift in the supply curve for good X. b. the supply curve for good X to change from vertical to upward sloping, c. the supply curve for good X to change from upward sloping to vertical. d. a rightward shift in the supply curve for good X. QUESTION 13 -- you incur an Every time you make a a. competitive move; price b. decision;...
Transaction costs include
costs of negotiating contracts with other firms.
cost of enforcing contracts.
the existence of asset-specificity.
all of the above
1.25000 points
QUESTION 8
Firms are organized to keep their costs as low as possible
by
comparing internal operating cost and external transactions cost
associated with outsourcing.
analyzing supply and demand conditions.
minimizing their use of borrowed funds.
pricing their products appropriately.
1.25000 points
QUESTION 9
Consider the following graph, which shows two lines. The
downward-sloping...
59. Market equilibrium A market equilibrium is a quantity-price pair in which: A. The government equates the selling and buying price of The price is such that the quantity demanded is equal to the The level of happiness among people is as high as possible. supplied quantity supp A price increase would cause people to want to buy 1 of the good. E. The supply curve and demand curve are equivalent. The Marginal Product of Labor (MPL) is equal to...
19. Ifthe price ofoil (a close substitute for coal) increases, then the a. supply curve for coal will shift to the right. b. demand curve for coal will shift to the tight. C. equilibrium price and quantity of coal will not change. d. quantity of coal demanded will decline. 20. If the rice of shoes is initially above the equilibrium value, which of the following is likely to occur? a. stores inventories will decrease as consumers buy more shoe than...
1. An industry currently has 250 firms, each of which has fixed costs of $50 and average variable costs as follows: (20 points) Quantity Average Variable Cost 2 10 a. Compute a firm's marginal cost and average total cost for each quantity from 1 to 6. b. The equilibrium price is currently $46. How much does each firm produce? What is the total quantity supplied in the market? In the long run, firms can enter and exit the market, and...
5. Short-run marginal costs for firms "A" and "B" are given by SMC = 204 and SMC = 498. Assume that these firms behave under the rules of perfect competition. a. Using diagrams, derive the market supply curve for this industry. Market demand is given by D = 60-0.750. Solve for the equilibrium price, equilibrium quantity and the quantity supplied by each firm.
QUESTION 18 Which of the following would be considered a non-price variable? Income Elasticity Absolute Advantage Change in the price of my product QUESTION 19 If there is an increase in the price of hamburgers in Louisville, what effect would that have on supply? No effect. It is a demand issue. The supply would increase and the supply curve would shift to the right. No effect. It would change quantity supplied. The supply would decrease and the supply curve would...
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