A new binding machine is invented that binds in half

Assignment Help Microeconomics
Reference no: EM13319567

Assume the market for spiral bound notebooks is in equilibrium. All students in public schools need notebooks of some type when they attend classes. For each of the following, explain the possible effects on demand and/or supply and equilibrium price and quantity of spiral bound notebooks using a correctly labeled supply and demand graph. Under your hand-drawn graph, list the determinant of supply and/or demand that causes each shift as well as the change in price and quantity.

You should have 8 graphs. The written answer should be set up under the graph as follows: Price: Increase/Decrease (select one) Quantity: Increase/Decrease (select one) Determinant: One of the determinants for demand (TRIBE) or supply (ROTTEN) that causes the shift.

a) The price of natural gas, a resource used by manufacturers throughout the United States, doubles.

b) The government provides a subsidy for notebook manufacturers.

c) The price of spiral bound notebooks increases and notebooks are an inferior good.

d) The price of binders and paper decreases.

e) A new binding machine is invented that binds in half the time.

f) The price of spiral bound notebooks is expected to double next month.

g) The government raises taxes on businesses at the same time that students receive their supply list for the new school year.

h) The price of pens and pencils falls dramatically.

Reference no: EM13319567

Questions Cloud

Determine the elasticity of vehicle traffic : In the City of Joplin, due to weather devastation and hurricane effects, the cost of parking in the local Square has increased by 20%. This change
Strategy planning : Strategy Planning
How long will it take the wheel to make one revolution : A 66-N %u22C5 m torque acts on a wheel with a moment of inertia 175 kg %u22C5 m2. how long will it take the wheel to make one revolution?
Explain the stoichiometric coeffiecient for oxygen gas : What is the stoichiometric coeffiecient for oxygen gas when the following reaction is balanced using the smallest whole number coefficients? C12H26(g) + O2(g) --> CO2(g) + H2O(g)
A new binding machine is invented that binds in half : You should have 8 graphs. The written answer should be set up under the graph as follows: Price: Increase/Decrease (select one) Quantity: Increase/Decrease (select one) Determinant: One of the determinants for demand (TRIBE) or supply (ROTTEN) that c..
What is the estimated collection efficiency at 250degree f : Our ESP is collecting 95% of the particles in our exhaust stream. We are under pressure to improve its performance. It has been suggested that if we were to cool the inlet gas from the present 600°F to 250°F
Explain ammonium sulfate-((nh4)2so4) : If the following substance is dissolved in pure water, will the solution be acidic and Explain Ammonium sulfate-((NH4)2SO4)
Determine the rate at which heat must be transferred : A 50-ohm electrical resistor carries a current of 5 amperes. The resistor is maintained at a temperature of 30o C. Determine the rate at which heat must be transferred to the surroundings
How fast is it going at the bottom of the ramp : A ball is at the top of a ramp that is 4.5 m above a table. If the ball rolls without friction, how fast is it going at the bottom of the ramp

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd