1 A major international accounting firmgets badpublicity for a rash of accountingscandals. The firm lays off over 40percent of its accountants. Desperate tofind a job, the accountants all lowertheir salary requirements. Indicate whathappens to the world supply of servicesfrom accounting firms.Supply of Accounting Services2 U.S. gasoline producers hear thatautomakers expectto sell twice as many gas-guzzling SUVSin the next quarter as they did in theprevious quarter. When SUV salesincrease, gasoline producers plan toraise the price of a gallon of gasoline.Indicate what happens to the presentsupply of gasoline.Supply of GasolineP3 The world's best economics professorsare gathered for a cocktail party in theheadquarters building of The Economist.Sometime during the party, a bomb goesoff, killing the professors and everyoneelse inside the building. Indicate whathappens to the world supply ofeconomics lectures.Supply of Economics Lecturess, 2.13 APPLYING KEY CONCEPTSLearning curve. In each problem below, there is an explanation of something that hashappened to one of the non-price factors that affects supply. The original supply curve, labeled"S1," has been drawn for you. Draw a new supply curve that reflects the change in supply.Label the new curve "S2."| Change| Your ResponseEx: The price of low-grade meat increases. Supply of DECADOGSIndicate what will happen to the supplyof DECADOGS, a nationally- recognizedbrand of hotdog.S2,S,

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Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter8: Understanding Markets And Industry Changes

Section: Chapter Questions

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1 A major international accounting firm
gets bad
publicity for a rash of accounting
scandals. The firm lays off over 40
percent of its accountants. Desperate to
find a job, the accountants all lower
their salary requirements. Indicate what
happens to the world supply of services
from accounting firms.
Supply of Accounting Services
2 U.S. gasoline producers hear that
automakers expect
to sell twice as many gas-guzzling SUVS
in the next quarter as they did in the
previous quarter. When SUV sales
increase, gasoline producers plan to
raise the price of a gallon of gasoline.
Indicate what happens to the present
supply of gasoline.
Supply of Gasoline
P
3 The world's best economics professors
are gathered for a cocktail party in the
headquarters building of The Economist.
Sometime during the party, a bomb goes
off, killing the professors and everyone
else inside the building. Indicate what
happens to the world supply of
economics lectures.
Supply of Economics Lectures
s,

Transcribed Image Text:2.13 APPLYING KEY CONCEPTS Learning curve. In each problem below, there is an explanation of something that has happened to one of the non-price factors that affects supply. The original supply curve, labeled "S1," has been drawn for you. Draw a new supply curve that reflects the change in supply. Label the new curve "S2." | Change | Your Response Ex: The price of low-grade meat increases. Supply of DECADOGS Indicate what will happen to the supply of DECADOGS, a nationally- recognized brand of hotdog. S2, S,

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