The question was to assume that the market for electric toasters is competitive and that the quantity supplied per year depends as folows on the price of a toaster:

Price of a Toaster Number of Toasters Supplied (millions)
12 4.0
14 5.0
16 5.5
18 6.0
20 6.3

Plot the supply curve for toasters. Is this relationship direct or inverse? Do supply curves generally show direct or inverse relationships?

Solution Preview

The relationship is direct because the supply curve is sloping upwards. (You can see this in the attachment). This basically tells us that as the price for toasters increase, the supply of toasters also increases.

In general supply curves are direct. ...

Solution Summary

Plot the supply curve for toasters. Is this relationship direct or inverse? Do supply curves generally show direct or inverse relationships?

The supplycurve for product X is given by QXS = -480 + 20PX .
a. Find the inverse supplycurve.
P = ____ + Q_____
b. How much surplus do producers receive when Qx = 320? When Qx = 940?
When QX = 320: $
When QX = 940: $

The question asked that suppose that the Organization of Petroleum Exporting Countries raises oil prices by 50 percent in 2005. What effect will thishave on the U.S. Aggregate demand curve? On the U.S. Short-run aggregate supplycurve?

Using graph(s) compare the impact on price, quantity and total revenue when:
A) an elastic demand curve increases along a perfectly inelastic supplycurve
B) an inelastic demand curve increases along a perfectly inelastic supplycurve
NOTE: Assume the increase in demand in both cases are of the same size.
This is just

1) A product's Demand Curve is: Qd = - P + 25, and its SupplyCurve is: Qs = 10 + 2P.
Algebraically determine the equilibrium price and quantity.
2. The figure below shows a firm in a perfectly competitive market:
a. Determine the Shut- down Price
b. Identify the firmÃ¢??s short run

The government levies an excise tax of 5 cents per unit sold on the sellers in a competitive industry. Both supply and demand curves have some elasticity with respect to price. This tax means that the:
A) supplycurve shifts to the left by 5 cents, but (unless demand is perfectly elastic) price will not rise.
B) supply c

The primary difference between a change in supply and a change in the quantity supplied is
a. change in quantity supplied is a movement along the supplycurve, while a change in supply is a shift in the supplycurve
b. Both a change in quantity supplied and a change in supply are movements along the supplycurve, only in diffe

Suppose the market demand for pizza is given by Qd=300-20p and the market supply for pizza given by Qs=20p-100, where P=price (per pizza).
Graph the supply and demand schedule for pizza using $5 through $15 as the value of p. In equilibrium, how many pizzas would be sold at what price?

The demand and supplycurves for T-shirts in LA, Ca, are given by the following equations:
Q= 24,000 - 500P Q= 6,000 + 1,000P
where P is measured in $ and Q is the number of T-shirts sold per year.
a. Find the equilibrium price and quantity algebraically.
b. If the tourists decide they do not really like T-shirts

Using such areas as manufacturing and information technology or any related industry / areas that have had high job growth rates explain a scenario that would cause a shift in labor supply and demand.