supply practice worksheet
1. draw and label a basic supply curve. dont forget to label each axis.
2. illustrate what would happen to the supply of apple pies if the worlds apple tree population was suddenly wiped out by a tree disease. (dont forget to add your arrows and label your curves.)
3. illustrate what would happen to the supply of doughnuts if a machine was invented that mixed the batter quicker.
4. illustrate what would happen to the supply of tires if the price of rubber increased.
5. illustrate what happens to the supply of christmas decorations after december 25.
6. illustrate what would happen to the supply of blue wigs if they became the hottest fashion trend in hollywood.

Question

Accepted Answer

### Question 1: Draw and label a basic supply curve. Don't forget to label each axis.
# Explanation:
## Step 1: Identify Axes
The supply curve has two axes: the vertical axis (Y - axis) represents Price ($ P $) and the horizontal axis (X - axis) represents Quantity ($ Q $).

## Step 2: Draw the Supply Curve
A basic supply curve is an upward - sloping line. This is because, according to the law of supply, as the price of a good or service increases, the quantity supplied increases (ceteris paribus). Start from the origin or a point on the lower left. As you move up the price axis (increase in $ P $), move to the right on the quantity axis (increase in $ Q $). Label the vertical axis as "Price ($ P $)" and the horizontal axis as "Quantity ($ Q $)". Label the supply curve as $ S $.

# Answer:
The supply curve ($ S $) is upward - sloping. The vertical axis is labeled "Price ($ P $)" and the horizontal axis is labeled "Quantity ($ Q $)".

### Question 2: Illustrate what would happen to the supply of apple pies if the world's apple population was suddenly wiped out by a tree disease. (Don't forget to add your arrows and label your curves.)
# Explanation:
## Step 1: Determine the Change in Input
Apples are an input (raw material) for apple pies. If the apple population is wiped out, the cost of producing apple pies increases (because apples are more scarce or unavailable), and the quantity of apple pies that producers are willing and able to supply at each price level will decrease.

## Step 2: Shift the Supply Curve
This is a decrease in supply, which is represented by a leftward shift of the supply curve. The original supply curve is $ S_1 $, and the new supply curve is $ S_2 $. Draw the original upward - sloping supply curve $ S_1 $. Then draw a new supply curve $ S_2 $ to the left of $ S_1 $. Add an arrow from $ S_1 $ to $ S_2 $ to show the shift. Label the vertical axis as "Price of Apple Pies ($ P $)" and the horizontal axis as "Quantity of Apple Pies ($ Q $)".

# Answer:
The supply curve of apple pies shifts leftward from $ S_1 $ to $ S_2 $. The vertical axis is "Price of Apple Pies ($ P $)" and the horizontal axis is "Quantity of Apple Pies ($ Q $)". The arrow points from $ S_1 $ to $ S_2 $.

### Question 3: Illustrate what would happen to the supply of doughnuts if a machine was invented that mixed the batter quicker. (Don't forget to add your arrows and label your curves.)
# Explanation:
## Step 1: Determine the Change in Technology
A new machine that mixes batter quicker is an improvement in technology. Improvements in technology reduce the cost of production (in this case, reduce the time and cost of mixing batter). As a result, producers are willing and able to supply more doughnuts at each price level.

## Step 2: Shift the Supply Curve
This is an increase in supply, represented by a rightward shift of the supply curve. The original supply curve is $ S_1 $, and the new supply curve is $ S_2 $. Draw the original upward - sloping supply curve $ S_1 $. Then draw a new supply curve $ S_2 $ to the right of $ S_1 $. Add an arrow from $ S_1 $ to $ S_2 $ to show the shift. Label the vertical axis as "Price of Doughnuts ($ P $)" and the horizontal axis as "Quantity of Doughnuts ($ Q $)".

# Answer:
The supply curve of doughnuts shifts rightward from $ S_1 $ to $ S_2 $. The vertical axis is "Price of Doughnuts ($ P $)" and the horizontal axis is "Quantity of Doughnuts ($ Q $)". The arrow points from $ S_1 $ to $ S_2 $.

### Question 4: Illustrate what would happen to the supply of tires if the price of rubber increased. (Don't forget to add your arrows and label your curves.)
# Explanation:
## Step 1: Determine the Change in Input Cost
Rubber is an input for tires. An increase in the price of rubber increases the cost of producing tires. Producers will be willing and able to supply fewer tires at each price level (ceteris paribus) because production has become more expensive.

## Step 2: Shift the Supply Curve
This is a decrease in supply, represented by a leftward shift of the supply curve. The original supply curve is $ S_1 $, and the new supply curve is $ S_2 $. Draw the original upward - sloping supply curve $ S_1 $. Then draw a new supply curve $ S_2 $ to the left of $ S_1 $. Add an arrow from $ S_1 $ to $ S_2 $ to show the shift. Label the vertical axis as "Price of Tires ($ P $)" and the horizontal axis as "Quantity of Tires ($ Q $)".

# Answer:
The supply curve of tires shifts leftward from $ S_1 $ to $ S_2 $. The vertical axis is "Price of Tires ($ P $)" and the horizontal axis is "Quantity of Tires ($ Q $)". The arrow points from $ S_1 $ to $ S_2 $.

### Question 5: Illustrate what happens to the supply of Christmas decorations after December 25.
# Explanation:
## Step 1: Determine the Change in Demand - Related Supply
After December 25, the demand for Christmas decorations drops significantly. Producers will be willing to supply fewer Christmas decorations at each price level because the market for them has shrunk.

## Step 2: Shift the Supply Curve
This is a decrease in supply (or a leftward shift of the supply curve). The original supply curve is $ S_1 $, and the new supply curve is $ S_2 $. Draw the original upward - sloping supply curve $ S_1 $. Then draw a new supply curve $ S_2 $ to the left of $ S_1 $. Add an arrow from $ S_1 $ to $ S_2 $ to show the shift. Label the vertical axis as "Price of Christmas Decorations ($ P $)" and the horizontal axis as "Quantity of Christmas Decorations ($ Q $)".

# Answer:
The supply curve of Christmas decorations shifts leftward from $ S_1 $ to $ S_2 $ after December 25. The vertical axis is "Price of Christmas Decorations ($ P $)" and the horizontal axis is "Quantity of Christmas Decorations ($ Q $)". The arrow points from $ S_1 $ to $ S_2 $.

### Question 6: Illustrate what would happen to the supply of blue wigs if they became the hottest fashion trend in Hollywood.
# Explanation:
## Step 1: Determine the Change in Producer Expectations/Market Demand
If blue wigs become a hot fashion trend, producers will expect higher prices and more demand. They will be willing to supply more blue wigs at each price level (because they anticipate higher profits from the trend).

## Step 2: Shift the Supply Curve
This is an increase in supply, represented by a rightward shift of the supply curve. The original supply curve is $ S_1 $, and the new supply curve is $ S_2 $. Draw the original upward - sloping supply curve $ S_1 $. Then draw a new supply curve $ S_2 $ to the right of $ S_1 $. Add an arrow from $ S_1 $ to $ S_2 $ to show the shift. Label the vertical axis as "Price of Blue Wigs ($ P $)" and the horizontal axis as "Quantity of Blue Wigs ($ Q $)".

# Answer:
The supply curve of blue wigs shifts rightward from $ S_1 $ to $ S_2 $. The vertical axis is "Price of Blue Wigs ($ P $)" and the horizontal axis is "Quantity of Blue Wigs ($ Q $)". The arrow points from $ S_1 $ to $ S_2 $.

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QUESTION IMAGE

Question

Explanation:

Question 1: Draw and label a basic supply curve. Don't forget to label each axis.

Step 1: Identify Axes

Step 2: Draw the Supply Curve

Step 1: Determine the Change in Input

Step 2: Shift the Supply Curve

Step 1: Determine the Change in Technology

Step 2: Shift the Supply Curve

Answer:

Question 2: Illustrate what would happen to the supply of apple pies if the world's apple population was suddenly wiped out by a tree disease. (Don't forget to add your arrows and label your curves.)