Question

In: Economics

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?

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 2 years ago
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