Imagine that you set up a business selling cup cakes in your current school. How many cakes would you be willing and able to supply at the following prices? $1, $1.5, $2, $2.5, $3, $3.5, $4 Plot this on a diagram. Supply Curve for Cup Cake N0. of Cup 4': Cakes I am Willing to 311- ll . 9' 3" Price of Cup Cake ($) H U1 N 3"! OJ U'l . U1 0 2 4 6 8 10 Quantity of Cup Cakes 12 0.: What do your results possibly indicate? 2.) (a)Thc diagram to lhc right illustrates: supply curve for a good or service. Explain why the supply curve slopes upwards from left to right. (11) Why does the supply for a product require produccrs lobe willing and able to produce the product at each given price