Question

In: Economics

Reset the graph to the initial state. Then, for each action described in the following table, indicate which elements on the graph (if any) are affected. Check all that apply.

The graph input tool

Some questions allow you to interact indirectly with a graph by manipulating a corresponding table of entries. In this type of question, you will not be graded on the final appearance of the graph, but rather you will use the graph to help you answer the questions that follow.

You can adjust the values in the accompanying table for fields with white backgrounds. Once you have selected a field, you can either enter a new value or adjust the existing value by selecting the arrows (+ to increase and – to decrease). You can exit the entry field by hitting Enter (or Return) on your keyboard or by selecting a place elsewhere on the problem. To reset a field to its starting value, select the circular refresh arrow that appears next to the selected field.

Experiment with entering different values in the editable fields. Observe what changes take place on the graph itself and also in the uneditable fields in the table. Don’t worry about understanding the economics behind the question, just make sure you understand how to manipulate the values on the graph.

Reset the graph to the initial state. Then, for each action described in the following table, indicate which elements on the graph (if any) are affected. Check all that apply. (Note: After changing the value in each field, be sure to again refresh back to the initial value before proceeding to the next row in the table.)

	Demand Curve	Supply Curve	Green Line	Quantity Demanded	Quantity Supplied	Surplus	Shortage
Entering 25.00 into the Price of Sneakers field
Entering 5.00 into the Price of Leather field
Entering 10.00 into the Price field

True or False: You can adjust the graph by selecting and dragging the lines.

True
False

Expert Solution

Reason-

Changing the price of leather affects the supply curve and quantity supplied changes. When supply curve shifts the shortage changes.

Changing the price of sneakers changes the demand curve and hence the quantity demanded. This also changes the shortage.

Changing the market price shifts the green line. This shifts the quantity supplied and quantity demanded.

False, the changes in the graph can only be done by entering different values in the editable field.

You can see the graph change by entering the different values in the editable field and by noticing the changes.

Rahul Sunny answered 2 years ago

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