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upply Help Sa Use the supply schedule below to answer the questions that follow. Supply of Umbrellas Price (dollars Quantiay of Umbrellas Supplied 5,800 4,800 3 , еее per umbrella) $120 1e8 80 60 40 2e 1,000 a. Use the supply schedule to graph the supply curve. Instructions: Use the tool provided Supply to plot the line point by point (6 points total) Supply of Umbrellas 140 Tools 120 K Prev 2 of 10 Next > arch
Disintegrated5x G which are the ttps://newconnect.mheducation.com/flow С Supply Help Save & Exit Supply of Umbrellas 140 120 100 o 80 Tools Supply 08 8 60F 40 1000 2000 3000 4000 5000 6000 Quantity Next > < Prev 2 of 10 İİ 99+
Supply Help Save 0 1000 2000 3000 4000 5000 6000 Quantity b. What is the quantity of umbrellas supplied if the market price is $60? O 2,000 umbrellas 3,000 umbrellas 5,000 umbrellas 4,000 umbrellas c. Suppose the market price rises from $60 per umbrella to $80 per umbrella. The quantity of umbrellas supplied will Click to seledt by [Click to selec) 7 umbrellas K Prev 2 of 10i Next> 99+ rch
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Answer #1

The supply curve shows the positive relationship between the price and the quantity supplied, that is higher the price higher will be the quantity supplied in the market. This is because at a higher price the producers can earn increased profits. The supply curve for a normal good is upward sloping showing the positive relationship.

Quantity supplied 140 120 Price 00 80 60 40 20 Quantity supplied 0 1000 2000 3000 4000 5000 6000 quantity

In the above graph the price is measured on the y axis and the quantity is measured on the x axis. The supply curve is upward sloping.

b. At the price of $60 the quantity will be 2000.

c). If the price moved to $80 the quantity supplied will increase by 1000 units.

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