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- What is the difference between the supply and the quantity supplied of a product, say milk? Explain in words and show the difference on a graph with the supply curve for milk.The figure below shows the supply curve for tennis balls, S, for Drop Volley Tennis, a producer of tennis equipment. Use the figure and the table below to give your answers to the following questions. 4 1 10 15 20 Quantity supplied a. Use the figure to fill in the quantity supplied given supply curve S, for each price in the following table (second column, gray-shaded cells). Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. S1 Quantity Supplied S2 Quantity Supplied Change in Quantity Supplied Price $ 3 4 2 1 b. If production costs were to increase, the quantities supplied at each price would be as shown by the third column of the table ("S, Quantity Supplied"). Use those data to draw supply curve S, using the graph below. Instructions: On the graph below, use your mouse to click and drag supply curve S, as necessary, or you may move the individual points. 5 4 3 s, 1 5 10 15 20 Quantity supplied c. In the fourth…Farmer Brown plants both soybeans and corn. If the price of soybeans increases and the price of corn remains the W. same, what do you expect to happen to the amount of acreage that he devotes to planting each crop? How does your answer help to explain the law of supply? Does the supply curve of corn or soybeans shift? Use graphs to illustrate your answer. Your response should be at least 75-150 words (1-2 paragraphs) in length, including graphs with explanations. houo oin
- What effect will each of the following have on the supply of auto tires? Microeconomics chapter 3 Supply is a schedule or curve showing the amounts of a productthat producers are willing to offer in the market at each possibleprice during a specific period. The law of supply states that otherthings equal, producers will offer more of a product at a high pricethan at a low price. Thus, the relationship between price and quantity supplied is positive or direct, and supply is graphed as anupsloping curve.The market supply curve is the horizontal summation of thesupply curves of the individual producers of the product.Changes in one or more of the determinants of supply (resource prices, production techniques, taxes or subsidies, the pricesof other goods, producer expectations, or the number of sellers inthe market) shift the supply curve of a product. A shift to the rightis an increase in supply; a shift to the left is a decrease in supply. Incontrast, a change in the price of the…What effect will each of the following have on the supply of auto tires? Microeconomics chapter 3 Supply is a schedule or curve showing the amounts of a productthat producers are willing to offer in the market at each possibleprice during a specific period. The law of supply states that otherthings equal, producers will offer more of a product at a high pricethan at a low price. Thus, the relationship between price and quantity supplied is positive or direct, and supply is graphed as anupsloping curve.The market supply curve is the horizontal summation of thesupply curves of the individual producers of the product.Changes in one or more of the determinants of supply (resource prices, production techniques, taxes or subsidies, the pricesof other goods, producer expectations, or the number of sellers inthe market) shift the supply curve of a product. A shift to the rightis an increase in supply; a shift to the left is a decrease in supply. Incontrast, a change in the price of the…Given the following information about the supply of and demand for apples: Price Quantity demanded (per month) Quantity Supplied (per month) P 0.50 12,000 0 0.75 10,000 2,000 1.00 8,000 4,000 1.25 6,000 6,000 1.50 4,000 8,000 1.75 2,000 10,000 2.00 0 12,000 Plot the demand and supply curves, and determine the equilibrium price and quantity. Assuming the market for apples meets the efficiency condition, show the equilibrium price and quantity that maximizes net benefit to society. Identify the area of consumer surplus and the area of producer surplus.
- Please show chart for Price, QS, and QD. The estimated supply function for avocados is Q = 58 + 15p − 20pf, where pf is the price of fertilizer. Determine how much the supply curve for avocados shifts if the price of fertilizer rises by $1.10 per lb. Illustrate this shift in a diagram.Use the figure below to answer the following question. $5 Price (per pound) n N 0 2 4 6 8 10 12 14 16 18 20 Quantity Supplied (thousands of bushels per week) The diagram shows three supply curves for apples. Which of the following would cause the supply of apples to shift from S₁ to $3?Question#4Given below is the Supply Schedule of Nestle Milk per liter: Price of Milk per liter (in Rs) 100 200 300 400Quantity Supplied per day in liters (in 1000s) 100 200 300 400 A) Use the above data to illustrate the Supply Curve in a graph with complete labels.B) Assume Rs. 200 is the original price of milk per liter and 200,000 liters is the original quantity of supply.C) Suppose the price rises from Rs. 200 to Rs. 300, what will be the amount of Quantity Supplied?D) Illustrates the impact of (C) on the graph.E) Is this a movement along the supply curve or shift of the curve?