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PPLY FOR RICE rice D O Quantity Supplied (Qs) 200 100 tion if price per sack of rice is at P 3,000? are willing to sell if production is at 1,000 units? erences of supply schedule, supply curve and s

PPLY FOR RICE rice D O Quantity Supplied (Qs) 200 100 tion if price per sack of rice is at P 3,000? are willing to sell if production is at 1,000 units? erences of supply schedule, supply curve and s

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Problem Solving: Copy the questions and analyze the following demand problem. Emphasize the answers with a double rule. I. Philippines is one of countries which is considered as large producer of rice in Southeast Asia. Rice, being a staple food for Filipinos, is a good subject to a careful analysis by economists. Consider the data below and answer the questions. SUPPLY FOR RICE Requirements: Price per sack of rice P2550 P2000 Quantity Supplied (Qs) 200 100 a. Derive the Supply Function. b. Graph the Supply Function. c. Solve for the level of production if price per sack of rice is at P 3,000? d. Solve for the price suppliers are willing to sell if production is at 1,000 units? e. What is the law of supply? f. Discuss the relations and differences of supply schedule, supply curve and supply function.
Transcribed Image Text:Problem Solving: Copy the questions and analyze the following demand problem. Emphasize the answers with a double rule. I. Philippines is one of countries which is considered as large producer of rice in Southeast Asia. Rice, being a staple food for Filipinos, is a good subject to a careful analysis by economists. Consider the data below and answer the questions. SUPPLY FOR RICE Requirements: Price per sack of rice P2550 P2000 Quantity Supplied (Qs) 200 100 a. Derive the Supply Function. b. Graph the Supply Function. c. Solve for the level of production if price per sack of rice is at P 3,000? d. Solve for the price suppliers are willing to sell if production is at 1,000 units? e. What is the law of supply? f. Discuss the relations and differences of supply schedule, supply curve and supply function.
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