Answer to Question #24685 in Microeconomics for maggy iihuhua

Question #24685
1. distinguish between a supply function and a supply curve.
2. what is the ifference between a change in the quantity supplied and a shift in the supply curve?
3. explain three assumptions concerning consumer behaviour.
1
Expert's answer
2013-02-20T11:49:37-0500
1. A supply function represents how much of a good or service a producer/supplier will supply at a price of the product and combinations of other factors. Supply curve is graphical representation of supply function.
2. Change in the quantity supplied is the move along the supply curve, but the shift in the supply curve is the move of the curve rightward or leftward.
3. 1) Individuals possess complete and perfect info about alternatives in the market
2) Make a decision based on having all the alternatives available/objective info
3) An individuals purchases will not exceed the amount of income

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be the first!

Leave a comment

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS