Question

Microeconomics

Posted 4 months ago

```
Use the figure shown to answer the question.
Two supply curves
According to each supply curve, what quantities would be produced at $\$ 30$ ?
Choose 1 answers:
A
\begin{tabular}{|ll|}
\hline$Q_{S}$ on $S_{1}$ & $Q_{S}$ on $S_{2}$ \\
\hline 30 & 10 \\
\hline
\end{tabular}
B
\begin{tabular}{|ll|}
\hline$Q_{S}$ on $S_{1}$ & $Q_{S}$ on $S_{2}$ \\
\hline 40 & 0 \\
\hline
\end{tabular}
C
\begin{tabular}{|ll|}
\hline$Q_{S}$ on $S_{1}$ & $Q_{S}$ on $S_{2}$ \\
\hline 0 & 0 \\
\hline
\end{tabular}
```

Sign in to unlock the answer

Answer from Sia

Posted 4 months ago

Solution

a

Identify the supply curves: The graph shows two supply curves, $S_1$ and $S_2$

b

Determine the quantities at $P = 30$: For $S_1$, find the quantity where the price is $30$. Similarly, find the quantity for $S_2$ at the same price

c

Read the graph: For $S_1$, at $P = 30$, the quantity $Q_{S1}$ is $40$. For $S_2$, at $P = 30$, the quantity $Q_{S2}$ is $10$

d

Choose the correct answer: Based on the graph, the correct answer is $Q_{S1} = 40$ and $Q_{S2} = 10$

Answer

B

Key Concept

Supply Curve Analysis

Explanation

The quantities produced at a specific price can be determined by reading the corresponding points on the supply curves. In this case, at $P = 30$, $Q_{S1}$ is $40$ and $Q_{S2}$ is $10$.

Not the question you are looking for? Ask here!

Enter question by text

Enter question by image

Unlock Smarter Learning with AskSia Super!

Join Super, our all-in-one AI solution that can greatly improve your learning efficiency.

30% higher accuracy than GPT-4o

Entire learning journey support

The most student-friendly features

Study Other Question