Plot the supply curve from the supply schedule information provided Price Quantity 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?
Plot the supply curve from the supply schedule information provided
Quantity | |
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?
Note : The question contains multiple sub parts and so only first three sub parts shall be answered . If you seek any of the unanswered questions , then do repost it again specifically .
Definition of Supply Curve :
It shows the direct relationship between the price of a good(or service ) and the quantity supplied of it . If the price of good X (say) increases ,the quantity supplied of it will also increase and vice versa and therefore the Supply Curve is upward sloping form left to right.
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