Concept explainers
Market supply The following table shows the quantity
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P = price |
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In economics, it is customary to plot
a. Show that these data can be modeled by a linear function, and find its formula.
b. Make a graph of the linear formula you found in part a. This is called the market supply curve.
c. Explain why the market supply curve should be increasing. (Hint: Think about what should happen when the price increases.)
d. How much wheat would suppliers be willing to produce in a year and offer for sale at a price of
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