1. What has happened to thepriceof Pete's fresh turnip piesrecently?As the price people are willing to pay for Pete's pies has risen, Pete has kept busy increasing the number of pies he makes each day?
2. 2.How has Pete's actions illustrated theLaw ofSupply?other thingsremainconstant, supply increases with the rise in price and decreases with fall inprice?

On the attached graph paper, draw theSupply Curvefor theSupply Schedulebelow.

Anton's Barber Shop Supply Schedule

Price per Haircut

Quantity of Haircuts Supplied per day

$6

20

$8

30

$10

40

$12

50

$14

60

$16

70

1. When the price of a haircut goes down, in what direction does the quantity suppliedmove on theSupply Curve?Why?