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- How would a decrease in the cost of production affect the market for new washing machines? O Supply would decrease, leading to a reduction in price and a reduction in quantity sold. O Supply would increase, leading to a reduction in price and an increase in quantity sold. Supply would decrease, leading to an increase in price and a reduction in quantity sold. Supply would increase, leading to an increase in price and an increase in quantity sold.Creative Homework/Short Project Assume that you arean entrepreneur who runs a bakery that sells glutenfree breads and cakes. You believe that the currenteconomic conditions merit an increase in the price ofyour baked goods. You are concerned. however, thatincreasing the price might not be profitable becauseyou are unsure of the price elasticity of demand for yourproducts. Develop a plan for the measurement of priceelasticity of demand for your products. What findingswould lead you to increase the price? What findingswould cause you to rethink the decision to increaseprices? Develop a presentation for your class outlining(I) the concept of elasticity of demand, (2) why raisingprices without undetstanding the elasticity would bea bad move. (3) your recommendations for measurement. and (4) the potential impact on profits for elasticand inelastic demandCreative Homework/Short Project Assume that you arean entrepreneur who runs a bakery that sells glutenfree breads and cakes. You believe that the currenteconomic conditions merit an increase in the price ofyour baked goods. You are concerned, however, thatincreasing the price might not be profitable becauseyou are unsure of the price elasticity of demand for yourproducts. Develop a plan for the measurement of priceelasticity of demand for your products. What findingswould lead you to increase the price? What findingswould cause you to rethink the decision to increaseprices? Develop a presentation for your class outlining(1) the concept of elasticity of demand, (2) why raisingprices without understanding the elasticity would bea bad move, (3) your recommendations for measurement, and (4) the potential impact on profits for elasticand inelastic demand
- When economists say the quantity supplied of a product has increased, they mean the O supply curve has shifted to the right. O price of the product has fallen, and consequently, suppliers are producing less of it. supply curve has shifted to the left. O price of the product has risen, and consequently, suppliers are producing more of it.The cost of producing flat-screen TVs has fallen overthe past decade. Let’s consider some implications ofthis fact.a. Draw a supply-and-demand diagram to show theeffect of falling production costs on the price andquantity of flat-screen TVs sold.When the holiday season arrives this year, people prefer to buy gifts online. Which graph depicts how the market of parcel delivery services change during this holiday season? O Graph B Price| Old supply New supply Demand Quantity O Graph C Price Old supply PALKING J New supply Graph C Price Graph A Price O Graph D Price Incorrect New demand New supply Old supply Demand Quantity New demand Supply Old demand Old demand Quantity Supply Old demand Quantity
- Lumber You are in the lumber business. Your marketing department forecasts a surge in housing construction next quarter that is likely to raise the price of lumber. What do you do today? Select one: O a. Slide down the supply curve to a lower level of production. O b. Increase lumber supply to get ready for the higher sales expected in the future. O c. Decrease lumber supply and plan to produce more in the future. O d. Maintain lumber supply to position your firm for the surge next quarter. Check s page Next page MacBook PrOWhich one of the following would cause an increase in the supply of planes? Select one: O a. an increase in the price of planes O b. an increase in taxes applied to plane producers Oc. an improvement in the technology used to produce planes O d. a decrease in the demand for planes Which of the following results in a movement along the supply curve of spinach but does not shift the supply curve of spinach? Select one: O a. a rise in the price of spinach O b. disastrous weather that destroys half of this year's spinach crop this year Oc. great weather that produces a bumper spinach crop O d. an increase in wages for workers in spinach fieldsWe can have control over: O a. consequences O b. alternative O c. demand d. state of nature O e. supply
- Each point along the market demand curve shows... O A. the quantity of the good that consumers would be willing and able to purchase at a specific price O B. the opportunity cost of supplying a given quantity of goods to the market O C. the quantity of the good that consumers would be willing to purchase at a specific price O D. the quantity of the good that firms would be willing and able to produce at a specific price Previous page W * PWhich of the following statements about the supply curve is the most accurate? O It shows how the average cost of production varies with price. It shows the same basic information as a demand curve. It shows how the quantity demanded varies with price. OIt shows how the quantity supplied varies with price.After analyzing the demand for his products, Ahmed realized that the demand for his products is inelastic. This means that, O a. the demand for his products are sensitive to price changes O b. it is not advisable to increase his price O c. the demand for his products are weak O d. it is fine to increase his price