Reference no: EM13698928
1. Think about how each scenario would affect the price of khaki pants.
1. A new technology reduces the time it takes to make a pair of khaki pants.
2. The price of the cloth used to make khaki pants falls.
3. The wage rate paid to garment workers increases.
4. The price of jeans increases.
5. People's incomes increase.
2. For each of the scenarios listed in Step 2, draw a demand–supply graph and label the axes with the price and quantity of khaki pants. Next, for each scenario, draw the appropriate demand–supply curve. Compare the new demand curve or supply curve by drawing it on the same graph.
1. Use (free) online graphing software to create your graphs. There will probably be instructions available on the website to learn how to create and manipulate the graph. Alternatively, you may hand-draw the graphs and scan them in to a Word document.
2. Use a different colour for each scenario.
3. Save the graphs to your computer as .jpg files or Word documents.
4. Copy and paste the .jpg files into the assignment document that you deliver to your instructor.
5. Clearly identify your finished graphs.
3. Within the same document, address the following questions below each graph:
1. Does this event change demand, supply, both, or neither?
2. Does this event increase or decrease demand and/or supply?
3. How does this change in demand and/or supply affect the equilibrium prices and quantity in the market? In other words, do they increase or decrease?
4. Find the new equilibrium and compare it with the original one in terms of equilibrium price and quantity. Do they increase or decrease?
|
What is brand loyalty
: What is brand loyalty? Name three products each for which you have (a) high brand loyalty and (b) low brand loyalty and explain why for each of the six products.
|
|
What was the bond interest rate
: You purchased a bond for 9500 dollars. The bond matured in 4 years and you sold it for 111,000 dollars. The par value (face value) of the bond was 10000 dollars. Interest payments were made every 6 months. The personal rate of return you received (so..
|
|
Either the leader or borrower point of view
: Draw cash flow diagram for the following: you can use either the leader or borrower point of view. Your choice I = 12% per compounded yearly. Be sure to label the amount you pay at the end at each year.
|
|
Wealth and housing possibilities after housing prices fall
: If I spent all my money ($450,000) on a new house I could buy a house with 4500 square feet. I settle for a 1500 square foot house. (Each square foot costs the same.) The day after I close the deal a nearby nuclear power plant is condemned and the va..
|
|
Does this event change demand-supply both or neither
: Does this event change demand, supply, both, or neither? Does this event increase or decrease demand and/or supply? How does this change in demand and/or supply affect the equilibrium prices and quantity in the market? In other words, do they increas..
|
|
How does talent contribute to career advancement
: During a labor shortage (when there are more positons open than qualified applicamnts), why is it still important to have good job search skills?
|
|
What is chipotles short run variable cost function
: Suppose production function for burritos at Chipotle is Q =4k^1/2 L^1/2.They currently own 4 units of capital and are not able to change this during the short run. The rental rate of capital is $10 and the wage rate is $20. What is Chipotle’s short r..
|
|
Existing-potential entrants face decreasing industry costs
: If all firms, existing and potential new entrants face decreasing industry costs in the long run under perfect competition, the industry supply curve will:
|
|
What emotional reactions is tom experiencing due to stress
: What factors in the workplace and home are contributing to the stress that Tom feels and what emotional reactions is Tom experiencing due to the stress?
|