Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Name: Period: Shifts in the Supply Curve Directions: Read the scenarios below. Decide how the supply curve would change (change in quantity supplied or a

image text in transcribedimage text in transcribed
image text in transcribedimage text in transcribed
Name: Period: Shifts in the Supply Curve Directions: Read the scenarios below. Decide how the supply curve would change (change in quantity supplied or a shift in supply). List the determinant of supply. Then, use a graph to illustrate the change. 1) Ross creates a business selling baseball hats. He begins his business with machines he bought second hand. After making a great deal of profit, he upgrades to a new updated machine system that allows him to produce bats faster. A) Change in supply of baseball hats: B) Determinant: C) Graph: 2) The U.S. Senate gives a bonus to small family farms that grow and produce corn. A) Change in supply of wheat: B) Determinant: C) Graph: 3) Workers at a toy factory go on strike as a result of poor conditions and low wages. A) Change in supply of toys: B) Determinant: C) Graph: 4) The price of athletic equipment has increased. A) Change in supply in athletic equipment: B) Determinant: C) Graph: 5) Due to the popularity of the Wii video game console, Sony and Microsoft bring out similar products. A) Change in supply of video game consoles: B) Determinant: C) Graph: 6) It is discovered that Girl Scout cookies contain ingredients that are extremely harmful to people's health and cause people to feel the urge to immediately buy more cookies the second they run out. In response to this, the U.S. Government begins to inspect every batch of cookies before they are available to sell. A) Change in supply of Girl Scout cookies: B) Determinant: C) Graph: 7) An iron factory begins to play music during labor hours in addition to improving the working condition of its workers. Workers are overjoyed and work harder to produce iron. A) Change in supply of iron: B) Determinant: C) Graph: 8) BootBarn, a discount boot store chain, responds to news that one-fourth of the world's leather factories have been destroyed by explosions. A) Change in supply in athletic equipment: B) Determinant: C) Graph

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Cases An Active Learning Approach

Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt

2nd Edition

0130674842, 978-0130674845

Students also viewed these Economics questions