Homework Answers
Three different supply curves as required are shown in the graoh above
* The supply curve for Vincent van Gogh’s masterpiece, “A Starry Night” is shown by S3, since it is the only available and unique work and no matter how much the price changes, the supply is always the same.
* The supply curve for an ice cream manufacturer is shown by S1, since even a slight change in the price of ice-cream can induce change in its supply.
* The supply curve for an airplane manufacturer is shown by S2 since the change in price of an airplane would not have much impact on its supply.
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4. Draw three different supply curves on a graph: a) Make S1 highly elastic b) Make...
Draw a graph with two demand curves – one that is fairly elastic (labeled De) and...
Draw a graph with two demand curves – one that is fairly elastic (labeled De) and one that is fairly inelastic (labeled Di). Draw a supply curve and label it S. Suppose this market sees an increase in the price of this good due to the imposition of a tax. Draw the new supply curve and label it S2. Compare the impact in the market of the shift in supply between the elastic demand curve and the inelastic demand curve....
Draw two supply/demand graphs, one with a highly elastic demand and the other with a highly...
Draw two supply/demand graphs, one with a highly elastic demand and the other with a highly inelastic demand. (If you don’t know what this means, review elasticity.) Give your two supply curves a similar slope and make the equilibrium price the same for both graphs. On each graph put a price floor at the same level and identify the surplus and deadweight loss. In which case is the effect from the price floor larger?
Draw two supply/demand graphs, one with a highly elastic demand and the other with a highly...
Draw two supply/demand graphs, one with a highly elastic demand and the other with a highly inelastic demand. (If you don’t know what this means, review elasticity.) Give your two supply curves a similar slope and make the equilibrium price the same for both graphs. On each graph put a price floor at the same level and identify the surplus and deadweight loss. In which case is the effect from the price floor larger?
Draw two supply/demand graphs, one with a highly elastic demand and the other with a highly...
Draw two supply/demand graphs, one with a highly elastic demand and the other with a highly inelastic demand. (If you don’t know what this means, review elasticity.) Give your two supply curves a similar slope and make the equilibrium price the same for both graphs. On each graph put a price ceiling at the same level and identify the surplus and deadweight loss. In which case is the effect from the price ceiling larger?
Supply curves can have varying degrees of price elasticity. Show graphically a perfectly elastic, a perfectly...
Supply curves can have varying degrees of price elasticity. Show graphically a perfectly elastic, a perfectly inelastic, and a unit-elastic supply curve. ata Ta On Graph 1: 1.) Using the line drawing tool, draw a supply curve that is perfectly elastie. Label your curve 'Sperfectly Elastic Price martin Carefully follow the instructions above and only draw the required object Quantity
Draw two supply/demand graphs, one with a highly elastic demand and the other with a highly...
Draw two supply/demand graphs, one with a highly elastic demand and the other with a highly inelastic demand. (If you don’t know what this means, review elasticity.) Give your two supply curves a similar slope and make the equilibrium price the same for both graphs. On each graph put a price floor at the same level and identify the surplus and deadweight loss. In which case is the effect from the price floor larger? If you're uploading your answers in...
Draw and label a graph depicting world trade in which the world price is perfectly elastic...
Draw and label a graph depicting world trade in which the world price is perfectly elastic and higher than the country price. Start with a graph depicting market equilibrium with the demand curve and supply curves having slopes of approximately 1 (negative 1 for demand). Modify the graph to demonstrate the world market price being lower than the country market price.
4. Consider two markets, A and B, that have different price elasticities of demand and supply....
4. Consider two markets, A and B, that have different price elasticities of demand and supply. Market A has price elastic demand and supply functions. Market B has very price inelastic demand and supply functions. a. Graph demand and supply curves for these two markets and describe how the curves differ across the 2 markets. b. Suppose both markets are subject to shocks that shift demand or supply from week to week. Further suppose that the shocks are similar (in...
The initial diagram has two panels.The left graph depicts a perfectly inelastic demand curve. The right graph depicts a...
The initial diagram has two panels.The left graph
depicts a perfectly inelastic demand curve. The right graph depicts
a relatively flat sloped demand curve. The initial equilibrium in
each graph is labeled point A. We will impose a $3 per unit tax in
the left graph, and a $4 per unit tax in the right graph.
Make a copy of the graph, then follow the below
instructions to draw the graph:
1. In the left graph $3 above and parallel...
3. Referring to the graph above, what can you conclude about the elasticity of the supply...
3. Referring to the graph above, what can you conclude about the elasticity of the supply curve S, in comparison to supply curve $,7 a Supply curve S, is more inelastic than supply curve S b. Supply curve S is more elastic than supply curve S c. Both curves have the same degree of clasticity d. Supply curve S, is infininely elastic, and supply cuve S, is infinitely iselastie e. There is not enough information to answer the question. 36....
Supply curves can have varying degrees of price elasticity. Show graphically a perfectly elastic, a perfectly inelastic, and a unit-elastic supply curve. ata Ta On Graph 1: 1.) Using the line drawing tool, draw a supply curve that is perfectly elastie. Label your curve 'Sperfectly Elastic Price martin Carefully follow the instructions above and only draw the required object Quantity
4. Consider two markets, A and B, that have different price elasticities of demand and supply. Market A has price elastic demand and supply functions. Market B has very price inelastic demand and supply functions. a. Graph demand and supply curves for these two markets and describe how the curves differ across the 2 markets. b. Suppose both markets are subject to shocks that shift demand or supply from week to week. Further suppose that the shocks are similar (in...
The initial diagram has two panels.The left graph
depicts a perfectly inelastic demand curve. The right graph depicts
a relatively flat sloped demand curve. The initial equilibrium in
each graph is labeled point A. We will impose a $3 per unit tax in
the left graph, and a $4 per unit tax in the right graph.
Make a copy of the graph, then follow the below
instructions to draw the graph:
1. In the left graph $3 above and parallel...
3. Referring to the graph above, what can you conclude about the elasticity of the supply curve S, in comparison to supply curve $,7 a Supply curve S, is more inelastic than supply curve S b. Supply curve S is more elastic than supply curve S c. Both curves have the same degree of clasticity d. Supply curve S, is infininely elastic, and supply cuve S, is infinitely iselastie e. There is not enough information to answer the question. 36....
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