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Question
Microeconomics
Posted 10 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 answers:
A
\begin{tabular}{|ll|}
\hlineQSQ_{S} on S1S_{1} & QSQ_{S} on S2S_{2} \\
\hline 0 & 0 \\
\hline
\end{tabular}
BB
\begin{tabular}{|ll|}
\hlineQSQ_{S} on S1S_{1} & QSQ_{S} on S2S_{2} \\
\hline 40 & 0 \\
\hline
\end{tabular}
C\mathrm{C}
\begin{tabular}{|ll|}
\hlineQSQ_{S} on S1S_{1} & QSQ_{S} on S2S_{2} \\
\hline 30 & 10 \\
\hline
\end{tabular}
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Answer from Sia
Posted 10 months ago
Solution
a
Identify the quantities produced at 3030 on each supply curve: For S1S_1, locate the point where P=30P = 30 and find the corresponding QQ. Similarly, for S2S_2, locate the point where P=30P = 30 and find the corresponding QQ
b
Calculation for S1S_1: On S1S_1, when P=30P = 30, the corresponding QQ is 4040
c
Calculation for S2S_2: On S2S_2, when P=30P = 30, the corresponding QQ is 1010
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 S1S_1, at P=30P = 30, Q=40Q = 40. For S2S_2, at P=30P = 30, $Q = 10

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