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Supply

Question

If the price of a product changes it will result in a new quantity supplied and a movement along the existing supply curve.

However, if another ‘determinant of supply’ changes it will result in a shift of the supply curve to a new position, to the right (an increase) or to the left (decrease).

In the following cases, draw an original supply curve (S) and a new supply curve to the left or right, and label it S1.

  1. The supply of economics textbooks following a fall in the cost of printing.

  2. Ice cream, following a rise in the cost of milk.

  3. Underground (metro) travel following a strike by train drivers.

  4. The world supply of oil following the discovery and refining of large oil reserves in Russia.

  5. The supply of wine from France following the imposition of a tax on imported wine.

  6. The supply of bread in an economy following the granting of a subsidy by the government to bread producers.

 


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