What will do to the price of new unrecycled clothing

Reference no: EM131824325

Question: Let's build on this chapter's example of asphalt. Suppose a new invention comes along that makes it easier and much less expensive to recycle clothing: Perhaps a new device about the size of a washing machine can bleach, reweave, and redye cotton fabric to closely imitate any cotton item you see in a fashion magazine. Head into the laundry room, drop in a batch of old clothes, scan in a couple of pages from Vogue, and come back in an hour.

a. If you think of the "market for clothing" as "the market for new clothing," does this shift the demand or the supply curve, and in which direction?

b. If you think of the "market for clothing" as "the market for clothing, whether it's new or used," does this shift the demand or the supply curve, and in which direction?

c. What will this do to the price of new, unrecycled clothing?

d. After this invention, will society's scarce productive resources (machines, workers, retail space) flow toward the "new clothing" sector or away from it?

Reference no: EM131824325

Questions Cloud

Compute as many of the financial statement ratios : Compute as many of the financial statement ratios you have studied as possible with the information provided for Copy Free Company

Define quantity of cab rides in dangerous neighborhoods : In rich countries, governments almost always set the fares for taxi rides. The prices for taxi rides are the same in safe neighborhoods and in dangerous.

Amount of money a customer spends : The amount of money a customer spends in one trip to the supermarket is known to have an exponential distribution.

Create a new workbook and add data about travel expenses : For this assignment, you will create a new workbook and add data about travel expenses. Open Excel 2013 and select Blank workbook. A blank workbook will appear.

What will do to the price of new unrecycled clothing : Let's build on this chapter's example of asphalt. Suppose a new invention comes along that makes it easier and much less expensive to recycle clothing.

Conducting a hypothesis test : We are interested in whether the proportion for males is higher than the proportion for females. Conduct a hypothesis test.

Calculating the marginal densities of y and z : Suppose X1 ~ U(0,1) and X2 ~ U(0,1). It can be shown that Y=X1/X2 and Z=X1*X2 have joint density function given by f(y,z) = 1/2y for y>z>0 and yz

How could spoofing be used to compromise your home internet : How could spoofing be used to compromise your home internet connection? Use the same example for the rest of the STRIDE model.

What is the chance that peggy will say yes to robin : Robin is planning to ask Peggy to the Homecoming dance. Before he asks her, he wants to know what the chances are that she'll say yes.

User Account

All Pages