Gm545 Quiz 1

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Quiz 1 – GM545 1. (TCO A) There is an increase in the cost of materials for producing bicycles.
(4 pts.) What happens to bicycle supply?
(6 pts.) What happens to bicycle demand? | | | Student Answer: | | Production costs will rise and supply will be reduced. A change in supply will shift the supply curve to the left, representing a decrease in supply. As the price of bicycles increases, the quantity demanded will decrease. The higher the product's price, the less consumers will purchase during a given time period. The demand curve will also shift to the left, showing a decrease in demand. Source: Textbook (Pgs 54,62,63) | | Instructor Explanation: | Since a change in costs to produce the product is a supply factor, an increase in costs would be expected to decrease bicycle supply. Remember that supply is a schedule of how many units suppliers are willing to offer at different prices. When costs rise, the supply curve decreases or shifts to the left.
Since changes in producer costs is not a demand factor, there would be no impact on demand. | | | | Points Received: | 8 of 10 | | Comments: | Since a change in costs to produce the product is a supply factor, an increase in costs would be expected to decrease bicycle supply. Remember that supply is a schedule of how many units suppliers are willing to offer at different prices. When costs rise, the supply curve decreases or shifts to the left. Since changes in producer costs is not a demand factor, there would be no impact on demand. | | |

2. (TCO A) Digital cameras and memory cards are complements in consumption. The price of digital cameras falls.
(4 pts.) What happens to the demand for memory cards?
(6 pts.) What happens to the demand for digital cameras? | | | Student Answer: | | These products are complements because they are consumed together, and…...

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