Here is the more information about the market for onions in Vancouver .
Price per unit- 5,8,11,14,17etc
Quantity supplied-7,16,25,34,43etc
*Find the equation for the supply curve .
*What is the quality supplied when price =16?
* What is the cost of producing quantity supplied = 10 ?
Coordinates=(7,5), (16,8), (25,11), (34,14), (43,17)
Use any two coordinates to find the Slope
Form of a straight line= Y=X+mX
Where; m= Slope
X= Quantity supplied
Y= Price
"\\frac{(8-5)}{(16-7)}=\\frac {3}{9}=\\frac{1}{3}"
Using the Slope
Assume a coordinate with (X,Y) and use it with any of the above coordinates
"\\frac{(Y-8)}{(X-16)}=\\frac{1}{3}"
"(Y-8)3=X-16"
3Y-24=X-16
3Y=X+8
"Y=\\frac{1}{3}X+\\frac{8}{3}"
"\\therefore Q_s=\\frac{1}{3}p+\\frac{8}{3}"
Quantity supplied at price 16
"Q_s=\\frac{1}{3}(16)+\\frac{8}{3}"
"=\\frac{16}{3}+\\frac{8}{3}=\\frac{24}{3}= 8"
Cost of producing quantity supplied= "8\\times 10= 80"
Comments
Leave a comment