wil w of supply states that when the price increases, the quantity supplied curv
ID: 1141385 • Letter: W
Question
wil w of supply states that when the price increases, the quantity supplied curve to the rgdat 2. When the price decreases, the quantity supplied will aah eemian b. Number of producers d. Technology- c. Subsidies- d. Taxes- inant, give an example of what would shift the supply curve to the left b. Number of producers- d. Technology- c. Subsidies- d. Taxes- 5. An increase in the price of hay w Cause the supply of beef to Which determinant causes this change? Draw a graph showing the change in supply. 6· The government has lowered taxes on cattle ranchers The supply of beef will What determinant of supply causes this change? Draw a graph showing the change. 7. Mattel expects the new Barbie to be the "IT" toy at Christmas; The supply of Barbie will What determinant causes this change? Draw a graph showing the change in supply. 8. The peanut butter manufacturers are all buying equipment That can make peanut butter two times faster than before; The supply of peanut butter will What determinant of supply causes this change? Draw a graph showing the change in supply 9. There was a massive forest fire that ravaged the Pine Belt; The supply of new homes will What determinant of supply causes this change? Draw a graph showing the change in supplyExplanation / Answer
1.
Accoriding to the law of supply there is positive reltionship between price and quantity supplied and other factors affecting quantity supplied remains same.
Hence law of supply states that when the price increases, the quantity supplied will increase.
2.
when the price decreases, the quantity supplied will decrease.
3.
The supply curve shifts righward when.
a.
The resources increase. With the increase in the resource more goods and services can be produced, so the supply increase and therefore the supply curve shift rightward.
b.
Number of producer; With the increase in the number of producers, more goods and services can be produced. Hence the supply increase and therefore the supply curve shift rightward.
c.
Technology: with the advancement of the technology, more goods can be produced with the help of less labor. Hence the supply increase and therefore the supply curve shift rightward.
d.
Subsidies; With the increase in the subsidies, the cost of production decrease, so it is profitable to produce more goods. Hence the supply increase and therefore the supply curve shift rightward.
e.
Taxes: With the decrease in the taxes, the cost of production decrease, so it is profitable to produce more goods. Hence the supply increase and therefore the supply curve shift rightward.
4.
The supply curve shifts leftward when.
a.
The resources decrease. With the decrease in the resource less goods and services can be produced, so the supply decrease and therefore the supply curve shift lefttward.
b.
Number of producer; With the decrease in the number of producers, less goods and services can be produced. Hence the supply decrease and therefore the supply curve shift leftward.
c.
Technology: with the available of old technology, less goods can be produced with the help of the available labor. Hence the supply decrease and therefore the supply curve shift leftward.
d.
Subsidies;
With the decrease in the subsidies, the cost of production increase, so it is not profitable to produce more goods. Hence the supply decrease and therefore the supply curve shift lefttward.
e.
Taxes: With the increase in the taxes, the cost of production increase, so it is not profitable to produce more goods. Hence the supply decrease and therefore the supply curve shift leftward.
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