Sandy is an excellent student in College. To earn money to pay her tuition, Sandy sells...
Sandy is an excellent student in College. To earn money to pay her tuition, Sandy sells “Lecture Summaries” from her class notes. She charges $5 for one week of lecture summaries, and $15 for four weeks of lecture summaries. Is Sandy’s behavior consistent with “the law of supply?” Explain.
Homework Answers
Answer
Yes,
Law of demand says that increase in price increases quantity supplied and vice verse while other things were constant.
Here, Sandy is saying when price increases from $5 to $15 then quantity increases from 1 unit to 4 units
It is consistent with law of supply as the increase in price increases quantity supplied.
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