Question

Someone could help me solve this worksheet of economics! Please !

Answer 1

Answer:

Explanation:

1.) You need to plot the data first. Based on what you did Quantity is the x vales, and Price is the y values. If the Quantity is 100, then the Price is 5 cents, so plot (100, 5). Do the same for all data.

*Hint: There's a direct relationship between quantity and price, that means that when you plot all the 8 data points, you'll end up with a positive line (going up from left to right).

2.a) Assuming that you ended up with a correct graph, if the price increases from 15 cents to 20 cents, you'll notice that the line will go further to the right, and further to the right means more quantity supplied of ecobits.

*Remember: As price goes up, demand goes down, supply goes up.

As price goes down, demand goes up, supply goes down.

^ Use this rule for 2.b)

2.c) You can write about the direct relationship (price goes up, supply goes up)

3.a) I can only remember few off the top of my head like imports, calamities, seasonal changes, but you could google this for sure.

3.b) It will move to the left. If the materials used to make ecobits were increased, it will be harder to obtain due to a high price of course, which will limit their capability of producing their supply compared to how many they used to do before.

*Note: The line will simply move to the left. It will not change in slope or anything.

3.c) It will move to the right. It will not just go back to the first line, rather it will move further to the right than the first line because it attracted many more suppliers than before.