The question is incomplete and should state "Recent rains increase the demand for kayaks, as paddlers want to take advantage of the exciting river conditions on the Oconee river. New plastic technology makes kayaks less expensive to make, as a result, one should expect the equilibrium price of kayaks to purchased to fall and the equilibrium quantity of the kayaks to raise." The questions is also a true or false question. The answer will be false. It is false because both the equilibrium price will raise and so will the quantity. The increase in demand will will create a new curve in the demand which will raise the prices and the companies will make more kayaks.
Marketing links producers to customers.
When the supply of a commodity decreases while demand remains same then the same price tends to increase.
Given that the supply of a commodity decreases while the demand remains same.
We are required to find the effect of decrease of supply on the price of the commodity if the demand remains same.
Supply is the amount of good that the producer manufactures and sends to the market.
Demand is the amount of good that the consumer wants to consume.
When the supply of a commodity decreases,the supply will shift leftwards. The demand remains same then from the graph we can find that the price of the commodity increases from P to P1.
Hence when the supply of a commodity decreases while demand remains same then the same price tends to increase.
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Explanation:
The marginal product formula is the change in quantity (Q) of items produced divided by the change in one unit of labor (L) added (change in Q divided by change in L). The denominator in this equation is always one because the formula is based on each one unit of increase in labor.
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