Show graphically what will happen to supply in each case (always assume ceteris paribus):
1. Assume cooking oil is used to make french fries. What will happen in the french fries market if the price of cooking oil increases?
2. A new technology is invented in the production of automobiles. What will happen in the market for automobiles?
3. Assume the price of flowers increases. What will happen in the flower market?
4. Assume the price of plastic increases. What will happen in the market for plastic bags?
5. Assume cardboard is used to make boxes. What will happen in the market for boxes if the price of cardboard decreased and at the same time a new technology for making boxes was introduced?
6. Assume the price of
fabric decreased. Also assume that the price sewing machines increased.
What will happen in the market for dresses? (By the way, both fabric
and sewing machines are used to make dresses).