Chapter 1. eFigure 2.9
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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Correct! The graph allows us to calculate the slope of the demand curve as -1/200, rise over run. We also recognize that the intercept along the horizontal axis is 1000. In addition, we know several points that are on the curve: at a price of $5, no tomatoes are demanded; at a price of $1, 400 tomatoes are demanded; at a price of $4, 200 tomatoes are demanded. Capturing this information in the equation for a line and expressing QDas a function of price, we find QD= 1000 – 200P. In like manner, the slope of the supply curve is 1/200 and the intercept on the horizontal axis is -200. We also know several points along the supply curve: at a price of $1, no tomatoes are supplied; at a price of $2, 200 tomatoes are supplied. Again, capturing this information in the equation for a line and expressing QS as a function of price, we find QS = 200P – 200.
Incorrect. The graph allows us to calculate the slope of the demand curve as -1/200, rise over run. We also recognize that the intercept along the horizontal axis is 1000. In addition, we know several points that are on the curve: at a price of $5, no tomatoes are demanded; at a price of $1, 400 tomatoes are demanded; at a price of $4, 200 tomatoes are demanded. Capturing this information in the equation for a line and expressing QDas a function of price, we find QD= 1000 – 200P. In like manner, the slope of the supply curve is 1/200 and the intercept on the horizontal axis is -200. We also know several points along the supply curve: at a price of $1, no tomatoes are supplied; at a price of $2, 200 tomatoes are supplied. Again, capturing this information in the equation for a line and expressing QS as a function of price, we find QS = 200P – 200.
Question 1.2
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Correct! A strike by migrant workers would increase the costs of production and result in an inward shift of the supply curve. Vine-ripened tomatoes from Costa Rica will give consumers a new option and reduce demand. A change in consumer preferences due to the reports of toxic chemicals will change their demand for tomatoes, but leave supply unchanged. Accordingly, it is the increase in seasonal rainfall that has the same impact. The reduced need for irrigation will lower the producers’ costs, shifting the supply curve outward and to the right.
Incorrect. A strike by migrant workers would increase the costs of production and result in an inward shift of the supply curve. Vine-ripened tomatoes from Costa Rica will give consumers a new option and reduce demand. A change in consumer preferences due to the reports of toxic chemicals will change their demand for tomatoes, but leave supply unchanged. Accordingly, it is the increase in seasonal rainfall that has the same impact. The reduced need for irrigation will lower the producers’ costs, shifting the supply curve outward and to the right.
Question 1.3
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Correct! The shift of the supply curve, out and to the right, indicates that at a given price producers are willing to bring more tomatoes to market. At a price of $3, suppliers were previously willing to bring 400 tomatoes to market, while they will now bring 800. In like manner, while suppliers previously required a price of $3 to supply those 400 tomatoes, they would now accept a lower price, $1, to bring the 400 tomatoes to market.
Incorrect. The shift of the supply curve, out and to the right, indicates that at a given price producers are willing to bring more tomatoes to market. At a price of $3, suppliers were previously willing to bring 400 tomatoes to market, while they will now bring 800. In like manner, while suppliers previously required a price of $3 to supply those 400 tomatoes, they would now accept a lower price, $1, to bring the 400 tomatoes to market.
Question 1.4
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Correct! Since quantity demanded is explicitly a function of price, both of which are found on the axes of the graph of demand, changes in price lead to a slide along the curve rather than a shift of demand. Quantity demanded changes while demand does not.
Incorrect. Since quantity demanded is explicitly a function of price, both of which are found on the axes of the graph of demand, changes in price lead to a slide along the curve rather than a shift of demand. Quantity demanded changes while demand does not.