Plot the supply curve from the supply schedule information provided. (a) What can you explain from...

Plot the supply curve from the supply schedule information provided.

(a) What can you explain from the graph?

(b) Can you identify any determinants?

(d) What happens if other determinants change?

Solutions

Expert Solution

1 The supply curve shows the relationship between price and supply

It follows the law of supply which says that if other things are held constant then if price increases then quantity supplied will also increase and vice versa

2 Some of the determinants that causes the changes supply curve are

expectation level of sellers
taxes and subsidies
Presence of new technology in the market

3. If price changes then then there will be changed in the quantity supply not the supply and it is shown by the movement on the supply curve

4.if other than thr price factors are involved that are also called determinants then this will cause the shift of supply curve is the right wards or left wards

Rahul Sunny answered 1 year ago

Next > < Previous

Related Solutions

Plot the supply curve from the supply schedule information provided. (a) What can you explain from...

Plot the supply curve from the supply schedule information provided. (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?

1. To create a supply curve, you would plot the ___ of a product that sellers...

1. To create a supply curve, you would plot the ___ of a product that sellers are willing to part with at a specific office, regardless of the demand. 2. In a(n) ____ market, the number of sellers is low, controlling much of the market, and are able to have some control over their price structure. In a(n) ___ market, there are many sellers with products that differ slightly but have similar purposes. 3. Classify which of these factors are...

Briefly explain what information you obtained from the calibration plot and why we needed it. Be...

Briefly explain what information you obtained from the calibration plot and why we needed it. Be specific. How did you use it to find the concentration of the unknown?

Using the schedules given, plot the demand curve and the supply curve on the below graph....

Using the schedules given, plot the demand curve and the supply curve on the below graph. Label the axes and indicate for each axis the units being used to measure price and quantity. Then answer the questions. Price Quantity demanded (bushels of wheat) Price Quantity supplied (bushels of wheat) $4.20 125,000 $4.20 230,000 4.00 150,000 4.00 220,000 3.80 175,000 3.80 210,000 3.60 200,000 3.60 200,000 3.40 225,000 3.40 190,000 3.20 250,000 3.20 180,000 3.00 275,000 3.00 170,000 A. Give the equilibrium...

What are three factors that can cause the supply curve for bonds to shift ? Explain...

What are three factors that can cause the supply curve for bonds to shift ? Explain briefly these two factors

What are three factors that can cause the supply curve for bonds to shift ? Explain...

What are three factors that can cause the supply curve for bonds to shift ? Explain briefly these two factors

11. Explain the importance of ZAV curve, and plot it for the soil as you see...

11. Explain the importance of ZAV curve, and plot it for the soil as you see in your residential area..

Using the data provided: Plot the data. What does the plot tell you about the appropriateness...

Using the data provided: Plot the data. What does the plot tell you about the appropriateness of using a trend and seasonally adjusted model for your data? Develop a forecast model that incorporates both a trend and seasonal adjustment (even if its not necessarily there). Develop a forecast for the four periods beyond your data. Calculate a MAD and Bias based on the last 12 periods of known data. What do the MAD and bias indicate about your model? Overall,...

The aggregate supply curve is a. a schedule showing the relationship between the price level and...

The aggregate supply curve is a. a schedule showing the relationship between the price level and the quantity of real GDP supplied. b. usually negatively sloped. c. unaffected by the prices of inputs such as real wage rates. d. All of the above are correct.

a) Using the supply schedule given below, draw an accurately labelled supply curve. Also, comment on...

a) Using the supply schedule given below, draw an accurately labelled supply curve. Also, comment on the shape of the supply curve. Why does the supply curve slope like this? Explain clearly. Price 10 8 6 4 2 Supply 500 400 300 200 100 [Answer in 180 – 240 words] [Draw in paper; take photo and paste/Use MS Word/add screenshot] b) Do you think the level of technology available have an impact on the supply of a product? Using examples,...

Subjects