GL/ECON 1000 3.00 Introduction to Economics: Microeconomics Prof. Can Erutku Questions for Problem Set #2: Chapter 3 Supply 8: Chapter 1 - Introduction Due Date: Sept. 24, 2020 1) 2) 3) A firm supply curve is given by Q = 4P. a) Determine the vertical intercept of the firm supply curve. 13) Determine the slope of the firm supply curve. c) Determine the quantity supplied by the firm if the market price is 20. d) Draw the firm supply curve in Figure 1 provided in the answer booklet. The supply functions for firms 1 and 2 are respectively Q1 = P and Q; = P 2. a) Detennine the market supply function. h) Draw each firm supply curve in Figure 2 provided in the answer booklet. c) Draw the market supply function in Figure 2 provided in the answer booklet. The supply ftmction for firms 1, 2, and 3 are respectively Q1 = P, Q2 = P 5, and Q3 2 2P. a) Determine the market supply function. h) Determine the total quantity supplied and the quantity supplied by each firm if the market price is 5. c) Draw each firm supply curve in Figure 3 provided in the answer booklet. d) Draw the market supply curve in Figure 3 provided in the answer booklet. Figure 4 provided in the answer booklet depicts a firm supply curve. a) From the initial supply curve, illustrate in Figure 4 what happens to the firm supply curve if it introduces a new lower cost production technology. b) From the initial supply curve, illustrate in Figure 4 what happens to the firm supply curve if it needs to pay higher prices for the inputs it requires