1. What geographic area would the… Show more A. Consider t

Homework Assistance Economics 1. What geographic area would the… Show more A. Consider t

Economics

1. What geographic area would the… Show more A. Consider t

1. What geographic area would the… Show more A. Consider the supply of a product defined to be athletic shoes. 1. What geographic area would the market area considered be? 2. What would be included in the definition of this product? 3. How would the price of the product be measured? 4. How is the supply for this product defined? 5. Explain why the supply curve is upward sloping, including the effects of a price change, and quantity change, on total revenue, total costs, and profits for a typical firm. 6. Define what is meant by a change in supply for this product. 7. Assume there is an increase in the supply for the product. What is meant by an increase in supply? What effect would an increase in supply have on the location of the demand curve? 8. Assume there is a decrease in the supply for the product. What is meant by a decrease in supply? What effect would a decrease in supply have on the location of the demand curve? 9. Explain the relationship between the individual firms’ supply curves and the market supply curve. 10. For each of the following events, identify the supply determinant affected and determine the effect on supply (increase, decrease, no change). a. Some firms leave the industry due to making below average profits. Determinant affected: ________________________________________ Effect on supply: ____________________________________________ b. An increase in popularity and price of hiking boots. Determinant affected: ________________________________________ Effect on supply: ____________________________________________ c. An increase in the price of athletic shoes. Determinant affected: ________________________________________ Effect on supply: ____________________________________________ d. Plant workers negotiate an increase in the wage rate. Determinant affected: ________________________________________ Effect on supply: ____________________________________________ e. A technological improvement in making the product. Determinant affected: ________________________________________ Effect on supply: ____________________________________________ f. A decrease in the cost of some raw material used. Determinant affected: ________________________________________ Effect on supply: ____________________________________________ B. Identify changes in technology of producing five products (not changes in the technology of consumer products), other than those contained in the Lecture Notes or provided in class! An example of a change in the technology of a consumer product that is NOT to be provided would be the addition of a camera or music to a mobile phone. Be sure to explain the change in technology and the product affected. C. Assess the correctness of the statement that at some particular price of a product, the firms in that industry produce whatever amount buyers are willing and able to buy. How do firms determine the amount to produce? D. Assess the correctness of the use of the term supply in the following statement. “An increase in the price of snowboards will result in an increase in the supply of snowboards.” E. Suppose a dairy farmer is willing to produce 50,000 gallons of milk per week at a price of 50 cents/gallon this week. Last week the farmer was willing to produce that amount at a price of 40 cents/gallon. What explains this change? Is it a change in supply or a change in quantity supplied? [Hint: review the material on an alternative interpretation of a supply curve.] I need the ideas for each question. Thank you so much • Show less

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