Rub Use the following terms to complete the chart below. Put your answers Stock P 20 on answer sheet. A. Left A. Demand B. Supply C. Increase D. Decrease E. Right A. Taste B. Labor C. Capital D. Land E. Substitutes D. Technology tion A. Compliments B. Expectations C. Taxes E. Productivity A. Income B. Population C. Competition eet 1 The Chart below indicates several situations that will have an effect on the supply and demand curves for the South West Airlines. Read each situation : Number and answer the following questions for each one in the chart. (28 Points) Non price Supply and Increase or Direction of eet factor Demand Decrease shift Frontier Airlines 50 51 52 53 advertise more seat rofiles space and better movies New technology 54 allows South West 55 56 57 Airlines to save 25% on fuel A new Airline 58 59 opens 60 61 zooshov The cost of bus 62 63 and train travel 64 65 is cut in half. After a two 66 67 month strike, 68 69 pilots receive a $5,000 raise Airplane fuel 70 71 doubles in price 72 73 Hotels give 74 75 76 away free 77 weekend stays in Hawaii, with Airline Ticket PurchaseName Perind Read the situation below then complete the chart. Record your answers Sto on the answer sheet using the following letters. A. Increase B. Decrease C. Unchanged (16 points) on The following questions refer to a group of related markets in the U.S. during a along period of time. Assume that the markets are perfectly competitive and that supply and et 1 demand model is completely applicable. The diagrams show the supply and demand in each market before the assumed change occurs. Work your way from left to right. Shift t; N only one curve in each market. For each market, draw whatever new supply or demand curves are needed, labeling each new curve SI or D1. Then circle the correct symbol under each diagram (T each market. for increase, I for decrease, and ---- for unchanged) Remember to shift only one curve in she 1. Assume that a new fertilizer dramatically increases the number of potatoes that can be Ly p harvested with no additional labor or machinery. Also assume that this fertilizer does not affect wheat farming and that people are satisfied to eat either potatoes or bread made (14 from from wheat flour XXXX WHEAT HARVESTING POTATOES BREAD WHEAT MACHINERY Demand: T Supply: -> Equilibrium price: Equilibrium quantity: - 78. Demand of potatoes 86. Demand of wheat 79. Supply of potatoes 87. Supply of wheat 80. Equilibrium price potatoes 88. Equilibrium price wheat 81. Equilibrium quantity Potatoes 89. Equilibrium quantity Wheat 82. Demand of bread 90. Demand wheat harvesting machinery 83: Supply of bread 91. Supply wheat harvesting machinery 84. Equilibrium price bread 92. Price wheat harvesting machinery 85. Equilibrium quantity Bread 93. Quantity wheat harvesting machinerySto ection sheet 1 Complete the following chart and answer the subsequent questions: eet; N 47. (5 points) After completing the chart, identify the three stages of production by selecting the correct numbers that would identify stages of production? The numbers correspond to the separation of stages. A. 3 and 4, 6 and 7 B. 5 and 6, 7 and 8 'll she C. 6 and 7, 9, 10 D. 5 and 6, 8 and 9 ny E. 2 and 3, 7 and 8 s (14 48. (5 points) Identify how many workers would best describe Maximum profit? A. 5 B. 6 C. 7 D. 8 E. 9 49. Choose the number of workers that you would find the break-even point? A. 4 B. 5 C.6 D.7 E.8 # Of Total Marginal Total Total Total Total Profit Fixed Variable Workers Product Product Cost Cost Cost Price Revenue or loss 0 10 75 O $2.00 19 75 51 $2.00 47 75 97 $2.00 13 80 75 143 $2.00 4 117 75 189 $2.00 5 155 75 235 $2.00 6 185 75 282 $2.00 7 208 75 328 $2.00 221 75 343 $2.00 212 75 419 $2.00 10 195 75 465 $2.00