Supply Practice Problem Set
Work on these. If you have questions bring to class & use the discussion board on Vista to chat with other class members.
What is Supply?
What does the law of Supply state?
What are Supply shifters?
What causes a change in Quantity Supplied?
Demand is held Constant for all of these questions!
Apple Ipod manufactures recently discovered a new piece of technology that has double their output. What will happen to the supply of Ipods? Show graphically
Farmers in Statesboro are expecting a drought in a year’s time. What will happen to their current supply curve? Show graphically.
If the price of iron goes up what happens to the supply of iron? Show this graphically.
Two years ago there were only 3 fast food restaurants in Statesboro. Since then 15 new restaurants have opened up. What happen to the supply of fast food available in Statesboro, GA? Show graphically.
The costs of raw materials to make picnic benches have increased dramatically. What will happen to the supply of picnic benches?
Draw the Supply Graph using the data below:
Price Quantity
$0.00 0
$5.00 200
$10.00 400
$15.00 600
$20.00 800
$25.00 1000