The table below shows the hypothetical supply schedule of Dory's Leche flan production. Table 2. Supply Schedule of Dory's Leche flan Production PRICE (in peso) QUANTITY SUPPLIED (per tub) -2 80 2 160 240 10 320 14 400 18 1. Construct the supply curve using the data in Table 2. 2. Derive the supply function for Dory's Leche flan production. 3. Answer this question: Why is the supply curve upward sloping? Explain in 3-5 sentences the behavior of the producers (in terms of quantity supplied) when price changes.

The table below shows the hypothetical supply schedule of Dory's Leche flan production. Table 2. Supply Schedule of Dory's Leche flan Production PRICE (in peso) QUANTITY SUPPLIED (per tub) -2 80 2 160 240 10 320 14 400 18 1. Construct the supply curve using the data in Table 2. 2. Derive the supply function for Dory's Leche flan production. 3. Answer this question: Why is the supply curve upward sloping? Explain in 3-5 sentences the behavior of the producers (in terms of quantity supplied) when price changes.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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