Business, 04.09.2020 22:01 lanaiheart7

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 with equilibrium price and quantity labeled. The graph needs to show a shift. a) The price of natural gas, a resource used by manufacturers throughout the United States, doubles.

Price: Increase

Quantity: Decrease

Determinant: Resource cost and availability

b) The government provides a subsidy for notebook manufacturers.

Price: Decrease

Quantity: Increase

Determinant: Taxes, Subsidies, and government regulations

c) Your income increases and spiral bound notebooks are an inferior good.

Price: Decrease

Quantity: Decrease

Determinant: Income

d) The price of binders and paper, a substitute for spiral bound notebooks, decreases.

Price: Decrease

Quantity: Decrease

Determinant: Related goods and services

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

Price: Decrease

Quantity: Increase

Determinant: Technology

f) The price of all goods using paper is expected to double next month.

Price: Decrease

Quantity: Decrease

Determinant: Expectations

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

Price: Increase

Quantity: Decrease

Determinant: Taxes

h) The price of pens and pencils falls dramatically

Price: Increase

Quantity: Increase

Determinant: Related goods and services

Answers: 1

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Explain the possible effects on demand and/or supply and equilibrium price and quantity of spiral bo...

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