. Plot the supply curve from the supply schedule information provided. Price Quantity Supply (Qs) 1 0 2 3 3 4 4 5 5 6 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes?
. Plot the supply curve from the supply schedule information provided. Price Quantity Supply (Qs) 1 0 2 3 3 4 4 5 5 6 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes?
Chapter1A: Appendix: Working With Graphs
Section: Chapter Questions
Problem 1E
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Question
1. Plot the supply curve from the supply schedule information provided.
Price | Quantity Supply (Qs) |
1 | 0 |
2 | 3 |
3 | 4 |
4 | 5 |
5 | 6 |
(a) What can you explain from the graph?
(b) Can you identify any determinants?
(c) What happens if price changes?
(d) What happens if other determinants change?
2. Plot the demand curve from the demand schedule information provided.
Price | Quantity Demanded (QD) |
1 | 9 |
2 | 6 |
3 | 4 |
4 | 3 |
5 | 2 |
(a) What can you explain from the graph?
(b) Can you identify any determinants?
(c) What happens if price changes?
(d) What else do you think will happen?
(e) What happens if other determinants change?
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