Submitted by: Submitted by segagirl
Views: 1107
Words: 3463
Pages: 14
Category: Business and Industry
Date Submitted: 05/31/2012 10:48 AM
5/31/12
Student Gradebook Exam
Grading Summary
These are the automatically computed
results of your exam. Grades for essay Date Taken:
questions, and comments from your
Time Spent:
instructor, are in the "Details" section Points Received:
below.
Question Type:
5/19/2012
2 h , 37 min , 49 secs
94 / 100 (94%)
# Of Questions:
Short
10
# Correct:
N/A
Grade Details
1. Question :
Student Answer:
(TCO A) There is a dec reas e in the c os t of labor for produc ing bic y c les .
(4 pts .) What happens to bic y c le s upply ?
(6 pts .) What happens to bic y c le demand?
This would be a decrease costs and increase bicycle supply. Costs fall
and the supply curve shifts to the right an increase in supply. Change
in costs is not a demand factor so there is no change in demand
Instructor Explanation: Sinc e a c hange in c os ts to produc e the produc t is a s upply fac tor, a dec reas e in
c os ts would be ex pec ted to inc reas e bic y c le s upply . Remember that s upply is
a s c hedule of how many units s uppliers are willing to offer at different pric es .
When c os ts fall, the s upply c urv e inc reas es or s hifts to the right.
Sinc e c hanges in produc er c os ts is not a demand fac tor, there would be no
impac t on demand.
Points Received:
10 of 10
Comments:
2. Question :
Student Answer:
(TCO A) Bas eball glov es and bas eballs are c omplements in c ons umption.
The pric e of bas eballs ris es .
(4 pts .) What happens to the demand for bas eball glov es ?
(6 pts .) What happens to the demand for bas eballs ?
When the price of baseball gloves rise the demand for baseball gloves
will decrease. When the price of a complimentary good increases
(baseballs) the demand for the other good(baseball gloves). The would
be no change for demand of baseballs just quantity demanded.
Instructor Explanation: When the pric e of a c omplimentary good ris es , the demand for the other good
falls . Pric e of bas eballs ris es...