Below is the amount of widgets that Adam, robert, and Karl are each willing to make at three different prices.

a) What is the primary incentive of each producer to make widgets?

b) What would happen to the supply of widgets if there was a technological advance that lowered the cost to make widgets? Explain.

c) Make a supply schedule for the whole market of widgets, based on these three suppliers.

d) Draw the market supply curve from the schedule in part (c). Label the curve S1.

e) On your graph from part (d), illustrate the effect of the technology advance on the supply
of widgets. Label the new curve S2.

f) Assuming the market situation from part (b), and that producers will not charge less than $1, would the quantity supplied to widgets be more or less than 11 widgets? Explain.

Question

sammi0825 sammi0825

20-07-2022
Advanced Placement (AP)

contestada

Below is the amount of widgets that Adam, robert, and Karl are each willing to make at three different prices.

a) What is the primary incentive of each producer to make widgets?

b) What would happen to the supply of widgets if there was a technological advance that lowered the cost to make widgets? Explain.

c) Make a supply schedule for the whole market of widgets, based on these three suppliers.

d) Draw the market supply curve from the schedule in part (c). Label the curve S1.

e) On your graph from part (d), illustrate the effect of the technology advance on the supply
of widgets. Label the new curve S2.

f) Assuming the market situation from part (b), and that producers will not charge less than $1, would the quantity supplied to widgets be more or less than 11 widgets? Explain.

Respuesta :

ACCESS MORE ACCESS MORE ACCESS MORE ACCESS MORE

Otras preguntas

Darren drank 2 liters of water.How much millilliters of water did he drank

The standard gibbs free energy of formation of ________ is zero. (a) co(s) (b) cl2(g) (c) cr(s)

Which best explains why a wood burning fireplace represents an open system

The branch of government responsible for making laws is thejudicial branch.executive branch.legislative branch.

Cyanobacteria are photosynthetic marine organisms. why would these organisms likely be found only in shallow ocean zones?

what is 4.333333 written as a rational number

What ideas put forward by plato and aristotle contributed to the later development of the democratic tradition?

Identifying the needs a business will address is a good example of the _______ of the organization. a. business b. activity c. values d. purpose

What does "in name only?

What 1701 document granted Pennsylvania colonists the right to elect legislative Representatives?

azikennamdi azikennamdi · Answer 1 · 2022-07-23T12:08:39+02:00

To answer the first question, Profit is the key motivator or primary incentive for any manufacturer to produce widgets (or any item in general).

What would happen to the supply of widgets if there was a technological advance that lowered the cost to make widgets?

If advancement of technology decreases the cost of producing a widget, profitability increases, and so the quantity of widgets grows. It is to be noted that technological advancements imply increase in efficiency.

What is the supply schedule for the whole market of widgets, based on these three suppliers?

See the attached.

Where is the market supply curve from the schedule in part (c) labeled the curve S1?

See attached.

Where is the graph from part (d that illustrates the effect of the technology advance on the supply of widgets and which is labelled the new curve S2?

See the attached.

Assuming the market situation from part (b), and that producers will not charge less than $1, would the quantity supplied to widgets be more or less than 11 widgets?

The quantity charged will increase because it is assumed that the least that can be charged is $1. When there is possibility to increase price or charge higher prices, the supply always goes up.

Learn more about market supply curve at:
https://brainly.com/question/26430220
#SPJ1