- Scan Question
- + Post
- Get Coins
Using supply and demand diagrams, show the effect of the following events on the market for sweatshirts. A hurricane in South Carolina damages the cotton crop. The price of leather jackets falls. All colleges require morning exercise in appropriate attire. New knitting machines are invented. Each original post should include four diagrams with an explanation for each. Respond and engage with at least two of your classmates in your group.
Hurricane in South Carolina damages the cotton crop which is an input to the production of sweatshirts. This will reduce the supply of input and hence increase the price of production. Hence supply of sweatshirts will fall i.e. supply curve shifts left. The equilibrium price of sweatshirts increases and the equilibrium quantity falls.
Leather jacket is perfect substitute for sweatshirt. When price of leather jackets falls people will demand more of leather jackets and less of sweatshirts because leather jackets have become relatively cheaper. As a result, the demand for sweatshirts decreases i.e. demand curve shifts left. Both equilibrium price and quantity falls.
All colleges require morning exercise in appropriate attire will cause the demand for sweatshirts to increase i.e. the demand curve shifts right. Both equilibrium price and quantity rise.
New knitting machines that are invented will increase the supply of sweatshirts i.e. the supply curve shifts to the right. Equilibrium price of sweatshirts decreases and equilibrium quantity increases.
Using supply and demand diagrams, show the effect of the following events on the market for...
USING SUPPLY AND DEMAND DIAGRAM,SHOW THE EFFECT OF THE FOLLOWING EVENTS ON THE MARKET FOR SWEATSHIRT.(A).A HURRICANE IN SOUTH CAROLINA DAMAGES THE COTTON CROP.(b).THEPRICE OF LEATHER JACKET FALLS.(C).ALL COLLEGES REQUIRE MORNING EXERCISE IN THE APPROPRIATE ATTIRE.(D).NEW KNITTING MACHINES ARE INVENTED.
1. Explain each of the following statements using supply-and-demand diagrams. a. “When a cold snap hits Florida, the price of orange juice rises in supermarkets throughout the country.” b. “When the weather turns warm in New England every summer, the price of hotel rooms in Caribbean resorts plummets.” c. “When a war breaks out in the Middle East, the price of gasoline rises and the price of a used Cadillac falls.” Hints: • Draw both supply and demand curve of...
3. The market for pizza has the following demand and supply schedules:PriceQuantity DemandedQuantity Supplied$4135 pizzas26 pizzas5104536818176898853110939121a. (0.4 pt) Graph the demand and supply curves. What is the equilibrium price and equilibrium quantity in this market? (Make sure to label the axes.)b. (0.2 pt) If the actual price in this market was below the equilibrium price, what would result? Then, what would drive the market toward the equilibrium?c. (0.2 pt) If the actual price in this market was above the equilibrium...
Using supply-and-demand diagrams, show the effect of the following events on the market for Pickles. Comment on what happens to the equilibrium price and quantity 24. (5pts.) Half the population suddenly became allergic to cucumbers 25. (5pts.) The government removes tariffs on cucumber imports
Using supply-and-demand diagrams, show the effect of the following events on the market for Pickles. Comment on what happens to the equilibrium price and quantity. 22. (5pts.) An early frost cut cucumber production by 25 percent 23. (5pts.) Fast food restaurants were required to put pickles on all hamburgers