2. In economics, the supply of a product is the quantity of that product suppliers are willing to provide at a given price. In theory, the quantity supplied of a product increases if the price of that product increases. Suppose that there is a linear relationship between the quantity supplied, S, of the product described in Problem 1 and its price, p. The quantity supplied weekly is 100 when the price is $2 and the quantity supplied rises by 50 units when the price rises by $0.50. a. Find a formula for S in terms of p. b. Interpret the slope of your formula in economic terms. c. Is there a price below which suppliers will not provide this product? d. The market clearing price is the price at which supply equals demand. According to theory, the free-market price of a product is its market clearing price. Using the demand function

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