11. Use these initial supply and demand curves for tennis balls (can of 3 balls) as a starting point for each of the situations below. Price/can Supply $2.00 Demand 50 Quantity tennis balls (cans) a. If the cost of producing tennis balls increased, would the tennis balls demand curve shift right, left or not at all? b. If the cost of producing tennis balls increased, would the tennis balls supply curve shift right, left or not at all? c. If the cost of producing tennis balls increased, would the equilibrium price of tennis balls increase, decrease or stay the same? d. If the cost of producing tennis balls increased, would the equilibrium quantity of tennis balls increase, decrease or stay the same? e. If the price of tennis racquets (a complement) decreased, would the tennis balls demand curve shift right, left or not at all? f. If the price of tennis racquets (a complement) decreased, would the tennis balls supply curve shift right, left or not at all? g. If the price of tennis racquets (a complement) decreased, would the equilibrium price of tennis balls increase, decrease or stay the same? h. If the price of tennis racquets (a complement) decreased, would the equilibrium quantity of tennis balls increase, decrease or stay the same?
11. Use these initial supply and demand curves for tennis balls (can
11. Use these initial supply and demand curves for tennis balls (can of 3 balls) as a starting point for each of the situations below. Price/can Supply $2.00 Demand 50 Quantity tennis balls (cans) a. If the cost of producing tennis balls increased, would the tennis balls demand curve shift right, left or not at all? b. If the cost of producing tennis balls increased, would the tennis balls supply curve shift right, left or not at all? c. If the cost of producing tennis balls increased, would the equilibrium price of tennis balls increase, decrease or stay the same? d. If the cost of producing tennis balls increased, would the equilibrium quantity of tennis balls increase, decrease or stay the same? e. If the price of tennis racquets (a complement) decreased, would the tennis balls demand curve shift right, left or not at all? f. If the price of tennis racquets (a complement) decreased, would the tennis balls supply curve shift right, left or not at all? g. If the price of tennis racquets (a complement) decreased, would the equilibrium price of tennis balls increase, decrease or stay the same? h. If the price of tennis racquets (a complement) decreased, would the equilibrium quantity of tennis balls increase, decrease or stay the same?
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