{"id":8805,"date":"2020-11-18T22:10:01","date_gmt":"2020-11-18T22:10:01","guid":{"rendered":"http:\/\/onlineclassesguru.com\/?p=8805"},"modified":"2020-11-18T22:10:01","modified_gmt":"2020-11-18T22:10:01","slug":"a-change-in-supply-surge","status":"publish","type":"post","link":"https:\/\/onlineclassesguru.com\/index.php\/2020\/11\/18\/a-change-in-supply-surge\/","title":{"rendered":"A change in supply surge"},"content":{"rendered":"<style type=\"text\/css\"><\/style><p>Individual and market demand<br \/>\nSuppose that Gilberto and Juanita are the only consumers of scented candles in a particular market. The following table shows their annual demand schedules:<\/p>\n<p>Price<\/p>\n<p>Gilberto\u2019s Quantity Demanded<\/p>\n<p>Juanita\u2019s Quantity Demanded<\/p>\n<p>(Dollars per candle)<\/p>\n<p>(Candles)<\/p>\n<p>(Candles)<\/p>\n<p>2<\/p>\n<p>16<\/p>\n<p>32<\/p>\n<p>4<\/p>\n<p>10<\/p>\n<p>24<\/p>\n<p>6<\/p>\n<p>6<\/p>\n<p>16<\/p>\n<p>8<\/p>\n<p>2<\/p>\n<p>12<\/p>\n<p>10<\/p>\n<p>0<\/p>\n<p>8<br \/>\nOn the following graph, plot Gilberto\u2019s demand for scented candles using the green points (triangle symbol). Next, plot Juanita\u2019s demand for scented candles using the purple points (diamond symbol). Finally, plot the market demand for scented candles using the blue points (circle symbol).<br \/>\nCreated with Rapha\u00ebl 2.1.2<br \/>\nGilberto\u2019s Demand<br \/>\nJuanita\u2019s Demand<br \/>\nMarket Demand<br \/>\n0<br \/>\n8<br \/>\n16<br \/>\n24<br \/>\n32<br \/>\n40<br \/>\n48<br \/>\n12<br \/>\n10<br \/>\n8<br \/>\n6<br \/>\n4<br \/>\n2<br \/>\n0<br \/>\nPRICE (Dollars per candle)<br \/>\nQUANTITY (Candles)<br \/>\n5. A change in supply versus a change in quantity supplied<br \/>\nThe following calculator shows the supply curve for sedans in an imaginary market. For simplicity, assume that all sedans are identical and sell for the same price. Two factors that affect the supply of sedans are the level of technical knowledge \u2013 in this case, the speed with which manufacturing robots can fasten bolts, or robot speed \u2013 and the wage rate that auto manufacturers must pay their employees. Initially, the graph shows the supply curve when robots can fasten 2,500 bolts per hour and autoworkers earn $25 per hour.<br \/>\nUse the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.<br \/>\nNote: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.<br \/>\nCreated with Rapha\u00ebl 2.1.2<br \/>\n0<br \/>\n100<br \/>\n200<br \/>\n300<br \/>\n400<br \/>\n500<br \/>\n600<br \/>\n700<br \/>\n800<br \/>\n900<br \/>\n50<br \/>\n40<br \/>\n30<br \/>\n20<br \/>\n10<br \/>\n0<br \/>\nPRICE (Thousands of dollars)<br \/>\nQUANTITY (Sedans per month)<br \/>\nSupply<br \/>\nGraph Input Tool<\/p>\n<p>Supply for Sedans<\/p>\n<p>20<\/p>\n<p>225<\/p>\n<p>Price of a Sedan<br \/>\n(Thousands of dollars)<\/p>\n<p>Quantity Supplied<br \/>\n(Sedans per month)<\/p>\n<p>SUPPLY SHIFTERS<\/p>\n<p>2500<\/p>\n<p>25<\/p>\n<p>Robot Speed<br \/>\n(Bolts per hour)<\/p>\n<p>Autoworker Wage<br \/>\n(Dollars per hour)<br \/>\nConsider the previous graph. Suppose that the price of a sedan decreases from $22,000 to $17,000. This would cause the of sedans to decrease, which is reflected on the graph by a the supply curve.<br \/>\nSuppose the workers\u2019 union negotiates a pay raise. This causes a the supply curve because the pay raise makes cars .<\/p>\n<p><center><a href=\"http:\/\/onlineclassesguru.com\/orders\/ordernow\"><img decoding=\"async\" src=\"https:\/\/encrypted-tbn0.gstatic.com\/images?q=tbn:ANd9GcTyj99p60XCLyLk1htB7-1neRt8-2QdnenNlQ&usqp=CAU\"target=\"_http:\/\/onlineclassesguru.com\/orders\/ordernow\"\/><\/center><p>","protected":false},"excerpt":{"rendered":"<p>Individual and market demand Suppose that Gilberto and Juanita are the only consumers of scented candles in a particular market. The following table shows their annual demand schedules: Price Gilberto\u2019s Quantity Demanded Juanita\u2019s Quantity Demanded (Dollars per candle) (Candles) (Candles) 2 16 32 4 10 24 6 6 16 8 2 12 10 0 8&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-8805","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A change in supply surge - onlineclassesguru<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/onlineclassesguru.com\/index.php\/2020\/11\/18\/a-change-in-supply-surge\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A change in supply surge - onlineclassesguru\" \/>\n<meta property=\"og:description\" content=\"Individual and market demand Suppose that Gilberto and Juanita are the only consumers of scented candles in a particular market. 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