This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Explain how the market supply curve is derived. Does the law of supply apply to the market supply ... (Read 135 times)

asan beg

  • Hero Member
  • *****
  • Posts: 570
on: Jun 29, 2018
Explain how the market supply curve is derived. Does the law of supply apply to the market supply curve?
 
  What will be an ideal response?

Question 2

Using Scenario 1 what would happen to your budget constraint if suddenly you discovered an extra 10 hours in your schedule that you could use to study.
 
  What would happen to the slope of the budget constraint? What would happen to the positioning of the budget constraint?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

akudia

  • Sr. Member
  • ****
  • Posts: 347
Reply #1 on: Jun 29, 2018
Answer to Question 1

The market supply curve for a good can be found by summing the quantities supplied by all of the firms selling in the market for that good. Since all firms' supply curves are upward sloping (due to the law of supply), the market supply curve will also be upward sloping. Therefore, the law of supply does apply to the market supply curve as well.

Answer to Question 2

The slope of the budget constraint would remain unchanged. However the budget constraint would shift outward and to the right.


asan beg

  • Hero Member
  • *****
  • Posts: 570
Reply #2 on: Jun 29, 2018
Thank you


akudia

  • Sr. Member
  • ****
  • Posts: 347
Reply #3 on: Jun 29, 2018
No problemo


« previous next »
 

Did you know?

Cytomegalovirus affects nearly the same amount of newborns every year as Down syndrome.

Did you know?

Though methadone is often used to treat dependency on other opioids, the drug itself can be abused. Crushing or snorting methadone can achieve the opiate "rush" desired by addicts. Improper use such as these can lead to a dangerous dependency on methadone. This drug now accounts for nearly one-third of opioid-related deaths.

Did you know?

Common abbreviations that cause medication errors include U (unit), mg (milligram), QD (every day), SC (subcutaneous), TIW (three times per week), D/C (discharge or discontinue), HS (at bedtime or "hours of sleep"), cc (cubic centimeters), and AU (each ear).

Did you know?

Chronic marijuana use can damage the white blood cells and reduce the immune system's ability to respond to disease by as much as 40%. Without a strong immune system, the body is vulnerable to all kinds of degenerative and infectious diseases.

Did you know?

Hypertension is a silent killer because it is deadly and has no significant early symptoms. The danger from hypertension is the extra load on the heart, which can lead to hypertensive heart disease and kidney damage. This occurs without any major symptoms until the high blood pressure becomes extreme. Regular blood pressure checks are an important method of catching hypertension before it can kill you.

Coronary circulation. (A) Coronary vessels portraying the complexity and extent of the coronary circ Coronary circulation. (A) Coronary vessels portraying the complexity and extent of the coronary circ
Apply effleurage to forehead with thumbs. Stroke from middle of forehead to the temples. Begin just ... Apply effleurage to forehead with thumbs. Stroke from middle of forehead to the temples. Begin just ...
Apply circular friction along paraspinal muscles. Stand at waist facing head; use fingertips of ... Apply circular friction along paraspinal muscles. Stand at waist facing head; use fingertips of ...
Apply long effleurage stroke to entire arm-hand to shoulder. Brush off from shoulder to hand to ... Apply long effleurage stroke to entire arm-hand to shoulder. Brush off from shoulder to hand to ...
Proline and arginine are derived from glutamate Proline and arginine are derived from glutamate
Video: Mendel's pea plant, Pisum sativum experimental

For a complete list of videos, visit our video library