1.9. Shifts in supply or demand II

The following graph shows the market for hot dogs in Miami, where there are over 1,000 hot dog stands at any given moment. Suppose the price of sausage casing, a major ingredient in hot dogs, suddenly increases.

Show the effect of this change on the market for hot dogs by shifting one or both of the curves on the following graph, holding all else constant.

Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther.

DemandSupplyPRICE (Dollars per hot dog)QUANTITY (Hot dogs)DemandSupply

ABP G ng.cengage.com X + Q Search this course _ Kobe CENGAGE | MINDTAP X My Home Homework (Ch 04) Courses Back to Assignment b Catalog and Study To Attempts * Keep the Highest / 1 A-Z 3 Rental Options 9. Shifts in supply or demand II 6 College Success Tips The following graph shows the market for hot dogs in Miami, where there are over 1,000 hot dog Career Success Tips stands at any given moment. Suppose the price of sausage casing, a major ingredient in hot dogs, RECOMMENDED FOR .. suddenly increases. Show the effect of this change on the market for hot dogs by shifting one or both of the curves on LTrivals the following graph, holding all else constant. nswerth Questions Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. Help ?) Give Feedback Supply Demand O Supply PRICE (Dollars per hot dog) Deman QUANTITY (Hot dogs) Grade It Now Save & Continue Continue without savingABP G ng.cengage.com X + _ Kobe CENGAGE | MINDTAP Q Search this course My Home Homework (Ch 04) X Courses Back to Assignment b Catalog and Study To Attempts Keep the Highest / 1 A-Z 3 Rental Options 10. Market equilibrium College Success Tips 6 The following table shows the monthly demand and supply in the market for shorts in New York Career Success Tips City. RECOMMENDED FOR .. Price Quantity Demanded Quantity Supplied Trueals (Dollars per pair of shorts) (Pairs of shorts) (Pairs of shorts) 1,650 300 12 1,350 600 Questions/ 18 1,200 750 24 900 1,350 Help 30 750 1,800 Give Feedback On the following graph, plot the demand for shorts using the blue point (circle symbol). Next, plot the supply of shorts using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for shorts. O Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. ? 36 30 Demand 24 Supply 18 Equilibrium PRICE (Dollars per pair of shorts 300 800 1200 1500 1800 QUANTITY ( Pairs of shorts ) Grade It Now Save & Continue Continue without savingABP G ng.cengage.com X + _ Kobe CENGAGE | MINDTAP Q Search this course My Home Homework (Ch 04) X Courses Back to Assignment b Catalog and Study To Attempts * Keep the Highest / 2 A-Z 3 Rental Options 12. Market equilibrium and disequilibrium College Success Tips 6 The following graph shows the monthly demand and supply curves in the market for calendars. Career Success Tips RECOMMENDED FOR .. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each nswerth grey field will change accordingly. Questions Help Graph Input Tool ?) Give Feedback Market for Calendars N 8 Supply Price 16 ( Dollars per calendar) Quantity 310 Quantity 100 Demanded Supplied O Calendars) Calendars) PRICE (Dollars per calendar Demand 50 100 150 200 250 300 350 400 450 500 QUANTITY (Calendars) The equilibrium price in this market is $ per calendar, and the equilibrium quantity is calendars bought and sold per month. Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, and whether this places upward or downward pressure on prices. Shortage or Surplus Price Amount Dollars per Shortage or Calendars calendar) Surplus Pressure 32 Grade It Now Save & Continue Continue without savingABP G ng.cengage.com X + _ Kobe CENGAGE | MINDTAP Q Search this course X My Home Homework (Ch 04) 13. How shifts in demand and supply affect equilibrium Courses Consider the market for pens. Suppose that the number of students with an allergy to pencil b Catalog and Study To erasers increases, causing more students to switch from pencils to pens in school. Moreover, the price of plastic, an important input in pen production, has dropped considerably. A-Z 3 Rental Options College Success Tips On the following graph, labeled Scenario 1, indicate the effect these two events have on the Career Success Tips demand for and supply of pens. RECOMMENDED FOR .. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. (?) Questions Scenario 1 Help TO Give Feedback Supply Demand Supply O PRICE (Dollars per pen) QUANTITY ( Millions of pens ) Next, complete the following graph, labeled Scenario 2, by shifting the supply and demand curves in the same way that you did on the Scenario 1 graph. ? Scenario 2 O- Supply Demand -0- Supply PRICE (Dollars per pen) QUANTITY ( Milions of pens) Compare both the Scenario 1 and Scenario 2 graphs. Notice that after completing both graphs, you can now see a difference between them that wasn't apparent before the shifts because each graph indicates different magnitudes for the supply and demand shifts in the market for pens.