Homework Answers
Answer -
Change in the quantity supplied happens because of the law of supply. Thus , when there is the change in quantity that seller is willing to supply because of the changes in price , it is called the change in quantity supplied. It is shown as the movement along supply curve
Example- Suppose the seller supplies 1000 units of X at price of $ 5 , whereas he supplies 1500 units of X at price of $ 7. Thus here the change in supply is taking place because of price , it will be called as change in quantity supplied.
Change in supply means the increase or decrease in supply due to changes in factors other than price. These could be change in price of raw material , change in technology etc. This is denoted by the shift in supply curve.
Eg - Business X starts using more efficient technology imported from US . This will cause the supply to increase and supply curve to shift
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The primary difference between a change in supply and a change in the quantity supplied is that: Select one: O a. a change in supply is related to the supply curve, while a change in quantity supplied is related to shifts in the demand curve that shift the supply curve. O b. both a change in quantity supplied and a change in supply are movements along the supply curve, only in different directions. O c. a change in quantity supplied...
2). Explain the difference between "change in supply" and "change in quantity supplied" Use graph to support your answer I 3a). Suppose that household income in Charlottetown increases from $44 000 to $45 000 and, assuming no change in price the quantity of Baker Baked Beans rises from 90 to 94cases per week. What is income elasticity of demand for the beans? Is the product a normal or inferior product? 3b). Explain why you would expect the demand for an...
State the difference between “change in quantity
demanded” vs “change in demand” & list the factors that cause
the changes.
The market is comprised of the forces of Supply and Demand. Free societies rely on the market to answer the fundamental questions: what, how and whom? The market is like a pair of scissors that needs both supply and demand to set prices people pay for goods and services. It is a natural order that works with nobody in control....
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