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This year is expected to be a great one for selling walking shoes in Georgia. At very low prices, only the most efficient shoemakers are able to sell. There are two shoe producers that operate with the most cost-effective equipment and skilled personnel, each of which can put 1000 pairs of shoes in the market at $10.00.
At a higher
If the price goes to $40.00 per pair, the existing firms increase production to 1400 pairs of shoes each, plus four small shops open, each of which produces 500 pairs of shoes.
Using the information above, graph the supply curve for walking shoes.
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- This year is expected to be a great one for selling walking shoes in Georgia. At very low prices, only the most efficient shoemakers are able to sell. There are two shoe producers that operate with the most cost-effective equipment and skilled personnel, each of which can put 1000 pairs of shoes in the market at $10.00. At a higher price, eight more shoemakers will enter the market. Each producer makes 1200 pairs of shoes at $25.00 per pair. If the price goes to $40.00 per pair, the existing firms increase production to 1400 pairs of shoes each, plus four small shops open, each of which produces 500 pairs of shoes. Using the information above, graph the supply curve for walking shoes by dragging the provided red points to the correct coordinates of price and quantity.West Central State College is making holiday wreaths to raise money for a homeless shelter. From past sales experience, it was learned that if the wreaths are priced at $12 apiece, the college will sell 32, but if the price is raised to $24, it will sell only 24. On the other hand, at a price of $12, the college is willing to make only 26 wreaths, but at a price of $24, it will make 30. What price should the college set so that its supply will equal the demand for the wreaths?Northern Mexico faces the worst drought in its history. Its effects will exceed those caused by El Niño in 1998. The Mexican government is expected to declare the 12 northern states a disaster zone in the coming days. Juan Figueroa Fuentes, president of Agrobarzón, warned that if it does not rain in the next few days, more than 250,000 hectares sown with wheat, corn and sorghum will be lost. In addition, 170,000 hectares will stop being planted with other crops since it will be too late when it rains. In the same way, 50,000 cattle will die. On the other hand, drought and high temperatures have contributed this year to an increase in the number of forest fires. An estimated 10,000 hectares of forest have been lost due to fires. What will happen to the equilibrium price and quantity in the beef market?Response option group (a) Price and quantity will increase (b) Price and quantity will decrease (c) Price will decrease and quantity will increase (d) The price is higher and the…
- Recently, the spot market price of U.S. hot rolled steel plummeted to $400 per ton. Just one year ago, this same ton of steel cost $700. According to Metals Monitor, the drop in price was due to falling oil prices, along with a rise in cheap imports and excess capacity. These dramatic market changes have greatly impacted the supply of raw steel. Suppose that last year the supply for raw steel was QS, raw = 600 +4P, but this year it has shifted to QS raw- = 4,200 +4P. Assuming the market for raw steel is competitive and that the current worldwide demand for steel is Qara raw 9,000 -8P, compute the equilibrium price and quantity for the steel market one year ago, and the equilibrium price-quantity combination for the current steel market. Instructions: Enter your responses as whole numbers. Price one year ago: $ Quantity one year ago: Price for current market: $ Quantity for current market: Suppose the cost function of a representative steel producer is C(Q) = 1,200 + -15Q². How much raw…Question 3 of 20 Total revenue is best described as the change in revenue when one additional worker is hired. variable cost per unit times the number of units sold. price per unit times the number of units sold. what economists assume firms seek to maximize. Suppose that the price of a coffee table is $85/table. Jim-Bob will sell 100 coffee tables at the flea market this month. It costs Jim-Bob $50 in materials and supplies to make each coffee table and $150/month to rent space at the flea market. These are all of Jim-Bob's costs. How much will Jim-Bob make in total revenue this month? Do not round your answer. $ How much profit will Jim-Bob make at the flea market this month? Do not round your answer. $Recently, the spot market price of U.S. hot rolled steel plummeted to $400 per ton. Just one year ago, this same ton of steel cost $700. According to Metals Monitor, the drop in price was due to falling oil prices, along with a rise in cheap imports and excess capacity. These dramatic market changes have greatly impacted the supply of raw steel. Suppose that last year the supply for raw steel was QSraw = 600 + 4P, but this year it has shifted to QSraw= 4,200 + 4P. Assuming the market for raw steel is competitive and that the current worldwide demand for steel isQdraw = 9,000 – 8P, compute the equilibrium price and quantity for the steel market one year ago, and the equilibrium price–quantity combination for the current steel mar ket. Suppose the cost function of a representative steel producer is C(Q) = 1,200 + 15Q2. Compare the change in the quantity of raw steel exchanged at the market level with the change in raw steel produced by a representative firm. How do you explain this…
- An exporter of handbags has just entered a new market. This exporter faces the following relationship between the price of handbags and the demand for them: P=15+ 4.800 D 2.500 D² , D>0 where P is the price per unit and D is the demand per month. The exporter wants to maximize his profit. The fixed cost is $2055 per month and the variable cost #33 per unit. How many handbags should be produced and sold each month, in order to maximize profit? Round your answer to 0 decimal places.The reaping, processing and sale of sugarcane is a booming sector. However, the late 1990s and early 2000s saw a crisis for sugarcane producers. During this period, the quantity supplied of sugarcane outweighed quantity demanded and the market was in turmoil. Over time the price of sugarcane recovered after 2014, peaking in July 2018. In part, this was due to farmers diversifying into other crops; in part, it was due to buoyant global demand for alternate products. In 2019, however, a combination of good harvests and a fall in fertilizer sugarcane prices caused supply to increase substantially. Although demand was still growing in developing countries, the onset of recession in developed countries was halting the growth in demand. Illustrate and explain (i) how the sugar cane market changed during the period 2014 – 2018 and (ii) what would be required to maintain the original equilibrium price.Suppose that you are a cattle rancher. You are deciding when to take your cattle to market to sell. You currently have a herd of 100 cattle. Each cow currently weighs 650 pounds and is gaining 50 pounds per month. Your feed costs are $40 per month per cow. Cattle prices are currently $8 per pound, but have been falling at the rate of $0.10 per month. If you are maximizing profits, how many months from now should you sell your cows?
- The following chart tells you the willingness to pay (WTP) for generic and custom refrigerators for three types and the number of each type on your market. Each refrigerator costs $200 to make the generic and $250 to make the custom. High Value Medium Value Low Value #of each type 20 30 30 Value for generic 600 500 175 Total value for Custom 750 575 200 If you were only to sell the generic refrigerator, what price should you set? If you were to sell both refrigerator types, what price should you set for the custom refrigerator?In recent years fresh bagel sales have been growing at about 30% per year. Once considered an ethnic food to be eaten only by some consumers, bagels now “have become the new doughnut to bring to the office.” But one problem with bagels is that they get stale fast. In the words of Ray Lahvic, editor emeritus of Bakery Production and Marketing, “The worst thing in the world is a day-old bagel.” If a market researcher asserts that the slope of the typical consumer’s indifference curve between fresh bagels and day-old bagels is -1, would you agree with Mr. Lahvic’s statement about fresh and day-old bagels given above? Please explain. Note: Slope of the indifference curve is the marginal rate of substitution (MRS) and the MRS is defined as “How much of good A will a consumer give up to get one more unit of good B such that the total utility before and after the change in consumption of A and B is the same.”Suppose that when the price of gasoline is $3.50 per gallon, the total amount of gasoline purchased in the United States is 6 million barrels per day. Also suppose that when the price of gas decreases to $3 per gallon, the total amount of gasoline purchased is 8 million barrels per day. Based on these numbers and using the midpoint formula, the percentage change in the quantity demanded is: 32.9%. 14.3%. 28.6%. 12.33%. Correct Answer 28.6%.