1. Circle the data sets that reflects the Law of Supply. Explain why it reflects the Law of Supply. Price Quantity Price Quantity Price Quantity $1.00 $1.00 30 $1.00 20 $2.00 $3.00 $4.00 10 $2.00 $3.00 $4.00 -0 20 $2.00 $3.00 $4.00 30 20 10 10 30 2. Assume that the data set you chose reflects the supply of Chick-fil-A biscuits at RHS on Wednesday mornings. In the space below, graph the demand curve in a fully labeled model.

EBK HEALTH ECONOMICS AND POLICY
7th Edition
ISBN:9781337668279
Author:Henderson
Publisher:Henderson
Chapter2: Using Economics To Study Health Issues
Section: Chapter Questions
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Number 1-4 please

642O
8.
Law of Supply Practice, Continued.
1. Circle the data sets that reflects the Law of Supply. Explain why it reflects the Law of Supply.
Price
Quantity
Price
Quantity
Price
Quantity
$1.00
$1.00
$1.00
$2.00
$3.00
$4.00
$2.00
$3.00
$4.00
$3.00
000
2. Assume that the data set you chose reflects the supply of Chick-fil-A biscuits at RHS on
Wednesday mornings. In the space below, graph the demand curve in a fully labeled model.
0.
10 20
Assume that the data set below reflects the number of hours per week Harry is willing to tutor
other students at each hourly wage.
a. How hours will Harry tutor if the hourly wage was $2?
3.
b. What will Harry do if the wage rises to $15 per hour?
Price per
Quantity of
tutoring hours
hour
per week
$10.00
$8.00
$6.00
$4.00
415
.400
4. Thinking Critically: Some economists believe that in the factor market for wages/salary, supply
2.200
curves slope upward, but eventually begin to bend backwards. Why might this happen?
Draw what this might look like.
Transcribed Image Text:642O 8. Law of Supply Practice, Continued. 1. Circle the data sets that reflects the Law of Supply. Explain why it reflects the Law of Supply. Price Quantity Price Quantity Price Quantity $1.00 $1.00 $1.00 $2.00 $3.00 $4.00 $2.00 $3.00 $4.00 $3.00 000 2. Assume that the data set you chose reflects the supply of Chick-fil-A biscuits at RHS on Wednesday mornings. In the space below, graph the demand curve in a fully labeled model. 0. 10 20 Assume that the data set below reflects the number of hours per week Harry is willing to tutor other students at each hourly wage. a. How hours will Harry tutor if the hourly wage was $2? 3. b. What will Harry do if the wage rises to $15 per hour? Price per Quantity of tutoring hours hour per week $10.00 $8.00 $6.00 $4.00 415 .400 4. Thinking Critically: Some economists believe that in the factor market for wages/salary, supply 2.200 curves slope upward, but eventually begin to bend backwards. Why might this happen? Draw what this might look like.
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