   Chapter 1.3, Problem 46E

Chapter
Section
Textbook Problem

For each supply equation in Exercises 45-48, where x is thequantity supplied in units of 1000 and p is the unit price in dol-lars, (a) sketch the supply curve, and (b) determine the numberof units of the commodity the supplier will make availablein the market at the given unit price. 1 2 x − 2 3 p + 12 = 0 ; p = 24

To determine

a)

To draw:

The supply curve.

Explanation

Given:

12x23p+12=0

And,

p=24

Approach:

Substitute 0 for x in above mentioned equation in order to find the value of p.

12(0)23p+12=023p+12=0p=12×32p=18

So, the curve crosses at (0,18).

Substitute 0 for p in given equation in order to find the value of x

To determine

b)

To find:

The number of units of commodity the supplier will make available in market.

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