Suppose you sell short-sleeve T-shirts in Houston. Winter is over and summer is approaching. What...
Question:
Suppose you sell short-sleeve T-shirts in Houston. Winter is over and summer is approaching. What happens to the price and quantity of T-shirts? Explain using a graph.
Consumer Preferences:
The term "consumer preferences" alludes to the set of choices that a consumer has to make in the market from the available products and services by evaluating a trade-off between income and utility levels.
Answer and Explanation: 1
Become a Study.com member to unlock this answer! Create your account
View this answerMostly, in the winter season, there is a high demand for full sleeve shirts; in the summer season, there is a high demand for short-sleeve T-shirts....
See full answer below.
Ask a question
Our experts can answer your tough homework and study questions.
Ask a question Ask a questionSearch Answers
Learn more about this topic:
Get access to this video and our entire Q&A library
Microeconomic Shifts in Supply and Demand Curves
from
Chapter 2 / Lesson 6
21K
In microeconomics, shifts in supply and demand curves occur due to changes in demand and supply for goods or services caused by different factors like changes in consumers' disposable income. Determine the microeconomic shift factors of supply and demand curves, and understand their impact on equilibrium and prices paid by consumers.
Related to this Question
- Suppose you sell laptops and Samsung just released its newest tablet that just does pretty much everything your laptops do. What happens to the price and quantity of laptops? Explain using a graph.
- Suppose that a firm's short-run total cost function for T shirts is: S T C 0.1 q 2 4 q 100 a. Find the firm's short-run shutdown price. b. How many T shirts will the firm produce if P $15
- Suppose you sell gas dryers with steam function. As the overall economy grows, per person income is expected to increase by 6% next year. What happens to the price and quantity of dryers? Explain using a graph.
- If we observed a fall in the price of Upper T-shirts and an increase in the quantity of Upper T-shirts that producers sell, the most likely explanation would be that A. the law of supply applies to Upper T-shirts, but some other influence on selling plans
- Suppose t-shirt buyers, but not sellers, expect the price of t-shirts to decrease next month. Everything else held constant, producer surplus in the market for t-shirts will _ today. And how do you k
- Suppose that the market for polos is a competitive market. The following graph shows the daily cost curves of a firm operating in this market. For each price in the table calculate the quantity, t
- We observed a rise in the price of T-shirts and a decrease in the quantity of T-shirts that producers sell. The most likely explanation is that A. the law of supply does not apply to T-shirts _. B.
- Suppose you can produce 1,000 units of S and sell them at market price $15. The price of good T is $10. Draw a diagram that shows the price line. Be sure to label the axis and intercepts and indicate
- Suppose you sell filtered orange juice. The cost of filters will be cheaper and at the same time, a hurricane hit apple fields that will push apple and apple juice prices up. What happens to the price and quantity of orange juice? Explain using a graph.
- Explain and graph an event which leads to lower prices and lower quantity produced of a certain good.
- Suppose the total cost of producing T-shirts can be represented as TC = 49 + 10q. The average cost of the 9th T-shirt is?
- Suppose labor costs for clothing manufacturers increase. Using diagrams, show what changes in price and quantity would be expected in the clothing market.
- Suppose you run a business that specializes in producing graphic T-shirts, using labor as an input. Hourly wage ($) Quantity demanded Quantity supplied 24 0 600 22 50 550 20 100 500 18 150 450 16 200
- Draw the supply and demand curves for cookies. If the government imposes a tax on cookies, show what happens to the price paid by buyers, the price received by sellers, and the quantity of cookies sold. In your diagram, show the deadweight loss from the t
- The graph below shows the weekly demand for bathing suits at a resort town in North Carolina. a. At a price of $30 per bathing suit, what is the quantity demanded of bathing suits? bathing s
- Suppose the price of tea rises sharply. If coffee is a substitute good for tea, what happens to the price and quantity of coffee sold?
- Artsy T-Shirts sells 100,000 shirts a year, priced at $14 each. The company can produce any number of shirts at a constant cost of $10 each. It is considering expanding its sales by lowering the price to $12. a. What minimum increase in sales would be ne
- The graph shows the demand and supply for MSU-logoed hoody sweatshirts sold at the MSU bookstore per semester. Suppose that a student protest against high prices results in a restriction on the MSU bookstore to keep the price of hoody sweatshirts at no mo
- The demand and supply curves for T-shirts in Tourist-town, U.S.A., are given by the following equations. Demand: Q = 24,000 - 500P Supply: Q = 6,000 + 1,000P where P is measured in dollars and Q is the number of T-shirts sold per year. A. Find the equilib
- The demand and supply curves for T-shirts in Tourist town, U.S.A., are given by the following equations: Q = 24,000 - 500P Q = 6,000 + 1,000P Where P is measured in dollars and Q is the number of T-shirts sold per year. Find the equilibrium price and
- Cool - T produces both cool and very cool t-shirts in a ratio of 2:3. Its costs are C(q_i, q_2) = 3200 + 0.1q_1 + 2q_1^2 + 0.2 q_2, where q_1 is the number of cool t-shirts and q_2 is the number of ve
- Illustrate the impacts of the lettuce harvest strike on the lettuce market (quantity of lettuce on the horizontal axis and price of lettuce on the vertical axis). a). What happens to the price and qu
- What happens to the price and quantity of Halloween candy, the day after Halloween? Include a graph and causation.
- Suppose a summer of prime tomato-growing weather results in a large harvest of tomatoes. Using supply and demand analysis, explain how this will affect the tomato market.
- If the price of materials used to make sneakers rises sharply, what happens to the price and quantity sold of sneakers?
- The demand for Halloween T shirt at a store is P= 24 - 2 Q where P is price and Q is quantity demanded. The cost to make a T- shirt is: capital TC= 4 + 4Q. What quantity of shirts should they make/order? The original demand function was too optimistic, a
- Draw the supply and demand curves for the following situations and give an explanation for their shape: 1. One person is buying shirts in a single store. The person will buy at most 3 shirts if they cost less than $50 each. 2. A market where anyone is a
- Suppose the price of orange juice is 50 cents per quart and 500 million quarts are produced annually. Draw a supply and demand diagram to explain what might happen to the market for orange juice if a crop disease kills half of the orange trees.
- Assume the market demand for Terps t-shirts can be written as P = 100-2Q, where prices are measured in dollars. The long-run average cost of producing such a t-shirt is $20. a. What would the long-run
- What happens to the quantity of fish bought and sold when the cold weather sets in? What happens to the price of fish?
- Consider a perfectly competitive market for shirts. The following graph shows the daily cost curves of a firm operating in this market. In the short run, at a market price of $18 per shirt, the firm
- For each price in the following table, use the graph to determine the number of jackets this firm would produce in order to maximize its profit. Assume that when the price is exactly equal to the aver
- What do we call a graph showing the various quantities supplied at each price that might prevail in the market?
- Below is a table representing a sample data showing five periods of prices and unit sales: How many units would you expect to sell if you set the price at $85? (Plot the data from the table on a graph
- Ketchup is a complement (as well as a condiment) for hot dogs. If the price of hot dogs rises, what happens in the market for each of the following? a. ketchup b. tomatoes c. tomato juice d. orange juice
- The current price of concert t-shirts is $20 each, and the company has been selling 400 per week. If price elasticity is 2.5 and the price changes to $21, how many t-shirts will be sold per week?
- Need the Market & Firm's Short-Run Supply Graphs done as well as the last statement w/ dropdowns For each price in the following table, use the graph to determine the number of jackets this firm woul
- You sell t-shirts on the street corner in order to support some of your tuition costs. Around the middle of the semester, your friend Carlos gives you the following advice: "if you increase the price of each t-shirt you sell, you will be able to make a lo
- Suppose that the market supply of baseball caps in the local area is given by the following equation: Qs = 327 + 1P where Qs is the quantity baseball caps per month that sellers in the local area would be willing to provide at a price of P dollars. What i
- On the appropriate diagram, show what happens to the market for pizza if the price of tomatoes rises. On a separate diagram, show what happens to the market for pizza if the price of hamburgers falls.
- Suppose that the price of gasoline is not allowed to change following the hurricane. That is to say, there is a price control in the gasoline market after hurricane. Provide a graph showing this price
- Imagine that you are an entrepreneur, making designer t-shirts in your garage. Your accountant has estimated that your firm's total costs can be expressed by the function TC = 300 + 10Q, where Q represents the number of t-shirts you make. If you make 100
- Consider the market for prepared bratwurst in Germany. How would the equilibrium price and quantity of bratwurst be affected if bratwurst producers expect the price of bratwurst across Germany to fall next month? Explain using a diagram.
- Lela's retail store sells pants at a markup of 23.6% of the retailing price. Lela's margin on this particular shirt is $7.78. i) how much does the store sell the shirt? ii) What does the shirt cost
- You are a men's apparel designer and retailer. You typically sell your base summer dress shirt for $75 / unit. Based on data from past seasons, you typically sell 200 units/week at that price. With fall rapidly approaching, you want to sell your remaining
- If T is 500, and S is 1000, what would be the relative price of S (in terms of T), and why?
- If the taste for sneakers severely declines and they go out of style, what happens to the price and quantity sold in the market for sneakers?
- Draw a graph to explain the following situation: A pest attack on the tomato crop increases the cost of producing ketchup. At the same time, a mild winter causes cattle herds to be unusually large, causing the price of hamburger to fall. The equilibrium
- Assume that the market-clearing price for a shirt is $20, but that the maximum price that can be charged is $15. This is an example of: a) a price control that will lead to a surplus of shirts on the market. b) a price floor that will lead to a shortage o
- Suppose Patrick runs a small business that manufactures shirts. Assume that the market for shirts is a perfectly competitive market and the market price is $20 per shirt. The following table represent
- Describe the graphical relationship between ticket prices and the number of people choosing to visit amusement parks. Is that relationship consistent with the fact that, historically, park attendance and ticket prices have both risen? Explain.
- The owner of a clothing store must decide how many mens shirts to order for the new season. For a particular type of shirt, she must order in quantities of 100 shirts. If she orders 100 shirts, her cost is $10 per shirt; if she orders 200 shirts, her cost
- The following figures are the demand and supply for leather jackets bought and sold from one clothing store. 1. Graph the data and determine the equilibrium price. 2. Fill in the surplus/shortage column. 3. On your graph, shade in the areas that represent
- Summer is upon us, and people begin purchasing bathing suits in large numbers. What causes this change? a. a change in income b. prices or availability of substitutes c. a change in the weather or season d. a change in the number of buyers
- Packs of five T-shirts cost $10 while an individual T-shirt costs $4. Explain this pricing strategy. What conditions are necessary to make this strategy successful in terms of increasing profits?
- Suppose the price of soda decreases. Assuming that people regard hot dogs and soda as complements, how will this affect the market for hot dogs?
- Help me fill in the chart. And do 1-2. Thank you. There is no need for explanation, only answers. A. A firm faces a demand and cost structure as given in table below: Quantity Price Total Cost 0 21
- If a group of sellers could form a cartel, what quantity and price would they try to set? Explain.
- What is a price floor, and how do we find it on a graph?
- Suppose there is a fall in the price of denim skirts. How would this affect the denim jeans market (a substitute)?
- If it costs $45 to buy a designer shirt, how much more will it cost to buy such ten shirts?
- Suppose that there is an announcement that chocolate causes cancer. What would happen to equilibrium price and quantity in the market for Godiva chocolate? Be able to draw the graph that illustrates y
- Consider the market for buffalo wings. Beer is a complement; Pizza is a substitute. Show what happens in each of these situations (use a well labeled graph to illustrate your answer.) i) The price o
- Suppose the demand function for Polo shirts is Q = 15 - 0.5P. At a market price of $10, a person with this demand function buys a total of 10 shirts. What is this person's total consumer surplus?
- Suppose that in response to an increase in bus ticket prices from $1.25 to $1.50, quantity demanded of bus tickets falls from 550 to 500. a. Use the midpoint method to calculate the estimated price e
- John buys a T-shirt for $100 and his consumer surplus is $0. What is John's maximum willingness to pay for the T-shirt? Show the steps of your calculation.
- Show the impact of the following events on the market for fleece sweatshirts. Graph each case separately. Be sure to label the initial and subsequent prices, quantities, curves, equilibriums, etc. i.e
- What is a graph that shows the demand schedule or how much of a good or service an individual is able to purchase at each price?
- Draw the appropriate diagram, and use it to explain the logical steps to explain how positive price effects can happen.
- Suppose Yvonne runs a small business that manufactures shirts. Assume that the market for shirts is a perfectly competitive market, and the market price is $25 per shirt. The following table represen
- The following graph shows the market for frozen hamburgers in Detroit. Suppose frozen hamburger sellers expect to sell next week's hamburgers for significantly less than today's price. Show the effect
- Scenario 1-3: Suppose a t-shirt manufacturer currently sells 5,000 t-shirts per week and makes a profit of $10,000 per week. A manager at the plant observes, "Although the last 400 t-shirts we produced and sold increased our revenue by $4,000 and our cost
- An increase in the price of beef will reduce the demand for beef. Comment on this statement. Explain in detail with graph.
- Illustrate the impacts of the grape boycott on the grape market (quantity of the grapes on the horizontal axis and price of grapes on the vertical axis). a). What happens to the price and quantity of
- Suppose that there is an announcement that chocolate causes cancer. What would happen to equilibrium price and quantity in the market for Godiva chocolate? Be able to draw the graph that illustrates the answer.
- George has been selling 7,000 T-shirts per month for $7.00. When he increased the price to $9.00, he sold only 6,000 T-shirts. Which of the following best approximates the price elasticity of demand? a. -0.6769 b. -0.5538 c. -0.6154 d. -0.3077
- Floods in the U.S. Midwest in the early 1990s reduced the U.S. corn crop. How did this affect the supply, demand, price, and quantity in the U.S. corn market? Illustrate your answer with a graph.
- Suppose you sell Xbox 4 DVD games on a website. It is reported that the price of the Xbox will be 20% cheaper next year. At the same time, the input material you purchase to produce DVDs will be more expensive. What happens to the price and quantity of Xb
- If a commodity that costs $150 goes on sale for $75, what will happen to the amount of them sold?
- Suppose a hurricane in South Carolina damages the cotton crop. Using supply and demand diagrams, show the effect of this event on the market for sweatshirts.
- Suppose you estimate the following cost equation: AVC = 4832 - 0.5(Q) + 0.00007(Q)2 At what quantity is AVC minimized Suppose this firm sells 3500 units per month at a price of $4000.00 each and has
- Suppose there is a SARS outbreak in Toronto. How would this affect taxi and limousine services in the city? Draw curves to show the impact on the equilibrium price and quantity.
- Suppose there is a fall in the price of the cloth used in the production of denim jeans. How would this affect the denim jeans market?
- Draw a graphical representation of the quantity and price of a product.
- Suppose a huge snow storm has just hit Tulsa. Analyze the market for shovels. a. What is likely to happen to the price of shovels? b. Draw a diagram showing the old and new equilibrium price and quant
- You sell bracelets online. The demand for these bracelets is: P=100 - 2Q The bracelets cost $2 each to produce. If you choose to sell a bracelet, you cannot sell a necklace, which has averaged $6 in p
- What is the graphed relationship between price and quantity from a supplier standpoint?
- Show work and explain. Graph price ceiling and price floor. Show the expected impact of both policies on your product market. What kind of negative impacts are expected from imposing both policies?
- Suppose the price of a ticket to a Lenny Kravitz concert is $40 and at that price, the quantity of tickets demanded is 16,000 per concert. Using the midpoint method of calculating percentage changes, if Mr. Kravitz raises the price to $46 and the quantity
- If Max sells a shirt for $35 and his producer surplus from the sale is $10, what must his cost have been?
- Suppose that a new technique for harvesting lumber more efficiently was discovered. i. Illustrate the effect you think this would have on the market for lumber. How will the price and quantity sold o
- Suppose a subsidy is provided to the buyers of solar panels. What is likely to happen to the price of solar panels? Explain.
- Some hotels in USVI charge over $200 a night in the winter but sometimes as little as $99 a night in the summer. Use supply and demand analysis, including graphical and verbal explanation, to explain these summer "sales."
- Suppose that Wendy and June are the only suppliers of shoes in Houston. The following table shows their supply schedules. Plot June's, Wendy's, and the market supply of shoes in a graph.
- IU Shirts is a profit maximizing firm in a perfectly competitive market that produces shirts. IU Shirts uses fixed inputs that cost $10 per hour. From the information in the table we could predict that IU Shirts would produce [{Blank}] shirts and earn an
- How will the following events affect the equilibrium price of apples and the quantity of apples sold in the United States? Draw a graph to explain. A. A new federal program requires one apple to be included in each subsidized school lunch throughout the c
- The following table shows the relationship between outside temperature (T) and number of hot drinks sold (Q). a. Graph and briefly explain the relationship. Put the number of hot drinks sold (Q) on the vertical axis and outside temperature (T) on the hori
- Rick sells hamburgers, facing no competition the demand for his burgers is: Q=1000-2P, where Q is the quantity of burgers sold per week and P is the price of a given hamburger. Suppose Rick's monthly
- Consider the market for chocolate. Show on a separate graphs what happens to the equilibrium market price and quantity of chocolate for each event. axis and all curves must be labelled, and the initia
- What happens to the price and the quantity bought and sold in the cocoa market if counties producing cocoa experience a drought and a new study is released demonstrating the health benefits of cocoa? Illustrate your answer with a demand and supply graph.
Explore our homework questions and answers library
Browse
by subject