Question
Can you please assist me with this part of my homework. this is the only section I am stuck on.. I appreciate it Below, you
Can you please assist me with this part of my homework. this is the only section I am stuck on.. I appreciate it
Below, you are provided with the supply function for bananas, which gives the
number of banan
as that sellers are willing to sell at different prices. You will use this
information to construct the
supply curve for bananas
, and to identify the numb
er of
bananas that sellers are willing to offer at different prices.
The quantity supplied of bananas is given by the following supply function:
Q = (400 x P)
-
800
,
where
P
is the per-unit price of a banana.
Part 1
: In the space below, construct the supply curve for bananas.
Remember that
"Quantity of B
ananas Supplied" is on the horizontal axis, and "Price" is on the vertical
axis.
Price
Quantity of Bananas Supplied
600
200
800 1,000
400
1,200 1,400
$1
$2
$3
$4
$5
$6
$7
Part 2
: Based
on the supply curve that you constructed above, what is the quantity
of bananas supplied when the price of a banana is $3.00?
Part 3
: Based on t
he supply curve that you constructed above, what is the quantity
of bananas supplied when the price of a banana is $4.50?
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