Answer to Question #131148 in Microeconomics for azeem

Question

Given below is the Supply Schedule of Nestle Milk per liter:

Price of Milk per liter (in Rs) 100 200 300 400
Quantity Supplied per day in liters (in 1000s) 100 200 300 400

A. Use the above data to illustrate the Supply Curve in a graph with complete labels. (0.5 Marks)
B. Assume Rs. 200 is the original price of milk per liter and 200,000 liters is the original quantity of supply. (0.5 Marks)
C. Suppose the price rises from Rs. 200 to Rs. 300, what will be the amount of Quantity Supplied? (0.5 Marks)
D. Illustrate the impact of (C) on the graph. (0.5 Marks)
E. Is this a movement along the supply curve or shift of the curve? (0.5 Marks)

Answer 1

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