{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-21T00:08:50-04:00", "answer_date": "2024-06-21 00:08:50", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "3383129", "url": "\/study-help\/questions\/iipart-2-the-covid19-pandemic-has-created-changes-in-consumer-3383129", "question_creation_date_js": "2024-06-21T00:08:50-04:00", "question_creation_date": "Jun 21, 2024 12:08 AM", "meta_title": "[Solved] II.part 2 The Covid-19 pandemic has creat | SolutionInn", "meta_description": "Answer of - II.part 2 The Covid-19 pandemic has created changes in consumer demands for products with related impacts on the avail | SolutionInn", "meta_keywords": "iipart,2,covid-19,pandemic,created,consumer,demands,products,related,impacts,availability,prices", "question_title_h1": "II.part 2 The Covid-19 pandemic has created changes in consumer demands for products with related impacts on the availability and prices of the inputs used", "question_title": "II.part 2 The Covid-19 pandemic has created changes in consumer demands for", "question_title_for_js_snippet": "II part 2 The Covid 19 pandemic has created changes in consumer demands for products with related impacts on the availability and prices of the inputs used to produce those products Please read the Wall Street Journal article Consumers Open Wallets, And Factories Can't Keep Up (February 23, 2021) located under Week 6 Modules March 10 before answering the questions given below Note Markets for inputs used to produce a final good or service are called that product's supply chain For example, a boat manufacturer might buy outboard motors produced by another company to install in the boat it is producing (see Wall Street Journal article) 1 The Wall Street Journal article reports that beginning in late spring and early summer of 2020, there was a sharp rebound in consumer demand for a variety of manufactured products (e g cars, boats, furniture, power tools and physical fitness equipment) Using furniture as an example and Simplicity Sofas as a representative producer of sofa furniture (see Wall Street Journal article) Draw a supply and demand graph for the market for sofas being sure to label your axes and supply (S) and demand (D) curves properly Also, label the initial equilibrium price and quantity of sofas before the sharp rebound in consumer demand Show in your graph the sharp rebound in demand for sofas that occurred in late spring early summer of 2020 and explain whether the effect of this change in demand created a shortage or surplus of sofas Clearly show the resulting shortage surplus in your graph before the price of sofas has time to adjust from its initial equilibrium value With specific reference to the law of supply and the law of demand , explain the process by which a change in market price would be expected to eliminate the shortage surplus you have shown in your graph assuming no supply chain disruptions Be sure to define the law of supply and the law of demand in your answer and clearly label the new market equilibrium price and quantity of sofas in your graph 2 In fact, we learn from the article that producers of manufactured goods were beset by snarled supply chains and labor shortages following the sharp rebound in consumer demand For example, we learn that Simplicity Sofas could not find enough skilled sewers and depended on fabric produced by STI Fabrics who, in turn, depended on Drake Extrusion who turns plastic pellets into colored yarn Focusing on STI Fabrics Explain what hurdles it faced in meeting new orders for fabric from manufacturers Using a supply and demand graph of the market for labor inputs (labor market), explain in words and demonstrate in your graph how STI Fabrics attempted to increase production and explain why or why not it was successful ", "question_description": "

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II.part 2<\/strong><\/p>

<\/p>

The Covid-19 pandemic has created changes in consumer demands for products with related impacts on the availability and prices of the inputs used to produce those products.*Please read the Wall Street Journal<\/em> article \"Consumers Open Wallets, And Factories Can't Keep Up\" (February 23, 2021) located under Week 6 \"Modules\" [March 10] before answering the questions given below.<\/p>

*Note:<\/strong>Markets for inputs used to produce a final good or service are called that product's \"supply chain.\"For example, a boat manufacturer might buy outboard motors produced by another company to install in the boat it is producing (see Wall Street Journal<\/em> article).<\/p>

<\/p>

1.The Wall Street Journal<\/em> article reports that beginning in late spring and early summer of 2020, there was a \"sharp rebound in consumer demand\" for a variety of manufactured products (e.g. cars, boats, furniture, power tools and physical fitness equipment).Using furniture as an example and Simplicity Sofas as a representative producer of sofa furniture (see Wall Street Journal<\/em> article):<\/p>

Draw a supply and demand graph for the market for sofas being sure to label your axes and supply (S) and demand (D) curves properly.Also, label the initial equilibrium price and quantity of sofas before the \"sharp rebound in consumer\" demand.<\/p>

Show in your graph the \"sharp rebound in demand\" for sofas that occurred in late spring\/early summer of 2020 and explain whether the effect of this change in demand created a shortage or surplus of sofas.Clearly show the resulting shortage\/surplus in your graph before the price of sofas has time to adjust from its initial equilibrium value.<\/p>

With<\/strong> specific reference to the law of supply and the law of demand<\/strong>, explain the process<\/strong> by which a change in market price would be expected to eliminate the shortage\/surplus you have shown in your graph assuming no \"supply chain\" disruptions<\/strong>.Be sure to define the law of supply and the law of demand<\/strong> in your answer and clearly label the new market equilibrium price and quantity of sofas in your graph.<\/p>

<\/p>

2.In fact, we learn from the article that producers of manufactured goods were beset by \"snarled supply chains\" and \"labor shortages\" following the \"sharp rebound in consumer demand.\"For example, we learn that Simplicity Sofas could not \"find enough skilled sewers\" and depended on fabric produced by STI Fabrics who, in turn, depended on Drake Extrusion who \"turns plastic pellets into colored yarn.\" Focusing on STI Fabrics:<\/p>

Explain what hurdles it faced in meeting new orders for fabric from manufacturers.<\/p>

Using a supply and demand graph of the market for labor inputs (labor market), explain in words and demonstrate in your graph how STI Fabrics attempted to increase production and explain why or why not it was successful.<\/p>", "transcribed_text": "", "related_book": { "title": "Financial Accounting", "isbn": "978-0470477151, 978-0-470-5562, 470556242, 0-470-55624-2, 9780470556245, 978-0470507018", "edition": "7th Edition", "authors": "Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/122.jpg", "uri": "\/textbooks\/financial-accounting-7th-edition-122", "see_more_uri": "" }, "free_related_book": { "isbn": "0324640625", "uri": "\/textbooks\/principles-of-managerial-accounting-1st-edition-978-0324640625-188991", "name": "Principles Of Managerial Accounting", "edition": "1st Edition" }, "question_posted": "2024-06-21 00:08:50", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/sketch-a-unit-cell-for-the-bodycentered-orthorhombic-crystal-structure-", "description": "Sketch a unit cell for the body-centered orthorhombic crystal structure. `", "stars": 3 }, { "url": "\/study-help\/financial-accounting-6th-edition\/on-august-1-2024-trico-technologies-an-aeronautic-electronics-company", "description": "On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $21 million cash to expand operations. 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