Microeconomics: Principles, Problems, & Policies, 20th Edition

Published by McGraw-Hill Education
ISBN 10: 0077660811
ISBN 13: 978-0-07766-081-9

Chapter 3 - Demand, Supply, and Market Equilibrium - Problems: 2

Answer

Part a) At Price 3 = 15 At Price 2 = 10 At Price 1 = 5 Part b) Refer to graph as attached under working Part c) Change in Quantity Supplied At Price 3 = 11 At Price 2 = 8 At Price 1 = 5 Part d) Change in Supply
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Work Step by Step

Part a) Refer to graph as given in the textbook EG: when price = 3, the point of quantity supplied would be 15 Part b) Refer to graph as attached Part c) At Price 3 = 15-4 = 11 At Price 2 = 10-2 = 8 At Price 1 = 5-0 = 5 Part d) The supply curve has shifted leftward, and at each price, the quantity supplied has changed to a point that is not on the original supply curve, hence it is a change in supply
Small 1511498778
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