Chapter 1. eFigure 2.5
eFigure
Isoquants
true
true
You must read each slide, and complete any questions on the slide, in sequence.
Question 1.1
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100
Correct! The faster harvesting method represents a change in production technology for the farm. In this case we have no information about the cost of the technology, so we do not know that it is more expensive and would raise the cost of production. The faster harvesting method changes the cost of production, not the price of tomatoes.That is, the entire supply shifts rather than merely a slide along the curve. However, we do know that the new technology increases the speed of the harvest, saving time and reducing the costs of production.
Incorrect. The faster harvesting method represents a change in production technology for the farm. In this case we have no information about the cost of the technology, so we do not know that it is more expensive and would raise the cost of production. The faster harvesting method changes the cost of production, not the price of tomatoes.That is, the entire supply shifts rather than merely a slide along the curve. However, we do know that the new technology increases the speed of the harvest, saving time and reducing the costs of production.
Question 1.2
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100
Correct! This technological change parallels the change in the market due to the faster harvesting method. In the case of the harvesting method, production costs were changed. The same holds true here. In this case, a reduced amount of fertilizer is required for the production of tomatoes. Since this advance is inexpensive, we assume that this technological change reduces the cost of production. Accordingly, this leads to an outward shift in the supply curve for tomatoes. At a given price, the farmer is willing and able to bring a larger quantity of tomatoes to market.
Incorrect. This technological change parallels the change in the market due to the faster harvesting method. In the case of the harvesting method, production costs were changed. The same holds true here. In this case, a reduced amount of fertilizer is required for the production of tomatoes. Since this advance is inexpensive, we assume that this technological change reduces the cost of production. Accordingly, this leads to an outward shift in the supply curve for tomatoes. At a given price, the farmer is willing and able to bring a larger quantity of tomatoes to market.
Question 1.3
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Correct! The tomato fruitworm infestation will reduce the number of tomatoes produced, reducing the supply of tomatoes. A decrease in the supply of tomatoes will shift the supply curve left and inward. Without additional information, we do not know exactly what form this shift will take. Any of the answers (a), (b), or (c) could be correct. In this case, it is impossible to determine without specific information about the nature of the damage to the existing crop.
Incorrect. The tomato fruitworm infestation will reduce the number of tomatoes produced, reducing the supply of tomatoes. A decrease in the supply of tomatoes will shift the supply curve left and inward. Without additional information, we do not know exactly what form this shift will take. Any of the answers (a), (b), or (c) could be correct. In this case, it is impossible to determine without specific information about the nature of the damage to the existing crop.