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Question
Microeconomics
Posted 12 months ago

Use the figure shown to answer the question.
Two supply curves

According to each supply curve, what quantities would be produced at $30\$ 30 ?

Choose 1 answer:
(A) \begin{tabular}{ll} QSQ_{S} on S1S_{1} & QSQ_{S} on S2S_{2} \\ \hline 0\mathbf{0} & 30 \end{tabular}
(B) \begin{tabular}{|ll}
\hlineQSQ_{S} on S1S_{1} & QSQ_{S} on S2S_{2} \\
\hline 30 & 30
\end{tabular}
(c) \begin{tabular}{ll} QSQ_{S} on S1S_{1} & QSQ_{S} on S2S_{2} \\ \hline 40 & 0 \end{tabular}
(D) \begin{tabular}{ll} QSQ_{S} on S1S_{1} & QSQ_{S} on S2S_{2} \\ \hline 0 & 0 \end{tabular}
(E) \begin{tabular}{ll|}
\hlineQSQ_{S} on S1S_{1} & QSQ_{S} on S2S_{2} \\
\hline 30 & 10
\end{tabular}
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Answer from Sia
Posted 12 months ago
Solution
a
Identify the price level: The price level given in the question is $30
b
Locate the quantity supplied on S1S_1: At P=30P = 30, the quantity supplied on S1S_1 can be found by locating the intersection of the price level 3030 with the supply curve S1S_1. According to the graph, this intersection occurs at Q=30Q = 30
c
Locate the quantity supplied on S2S_2: At P=30P = 30, the quantity supplied on S2S_2 can be found by locating the intersection of the price level 3030 with the supply curve S2S_2. According to the graph, this intersection occurs at Q=10Q = 10
Answer
(E) QSQ_{S} on S1S_{1} = 30 & QSQ_{S} on S2S_{2} = 10
Key Concept
Supply Curve Intersection
Explanation
The quantities supplied at a given price level can be determined by finding the intersection points of the price level with the respective supply curves. For P=30P = 30, the intersections with S1S_1 and S2S_2 are at Q=30Q = 30 and Q=10Q = 10, respectively.

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