Question

Microeconomics

Posted 3 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 0 & 0 \\
\hline
\end{tabular}
$B$
\begin{tabular}{|ll|}
\hline$Q_{S}$ on $S_{1}$ & $Q_{S}$ on $S_{2}$ \\
\hline 40 & 0 \\
\hline
\end{tabular}
$\mathrm{C}$
\begin{tabular}{|ll|}
\hline$Q_{S}$ on $S_{1}$ & $Q_{S}$ on $S_{2}$ \\
\hline 30 & 10 \\
\hline
\end{tabular}
```

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Answer from Sia

Posted 3 months ago

Solution

a

Identify the quantities produced at $30$ on each supply curve: For $S_1$, locate the point where $P = 30$ and find the corresponding $Q$. Similarly, for $S_2$, locate the point where $P = 30$ and find the corresponding $Q$

b

Calculation for $S_1$: On $S_1$, when $P = 30$, the corresponding $Q$ is $40$

c

Calculation for $S_2$: On $S_2$, when $P = 30$, the corresponding $Q$ is $10$

Answer

40 & 10

Key Concept

Supply Curve

Explanation

The quantities produced at a given price can be determined by locating the price on the y-axis and finding the corresponding quantity on the supply curve. For $S_1$, at $P = 30$, $Q = 40$. For $S_2$, at $P = 30$, $Q = 10

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