## Question

###### Please help ASAP this project is due tomorrow morning please!!! 5. Just as demand depends on...

Please help ASAP this project is due tomorrow morning please!!!

## Answers

Assuming a linear relationship between the price and the quantity supplied, we can write quantity supplied as a function of price as : Q = mP + c ------(i)

where, Q=quantity supplied,

P = price

m =slope of supply curve,

c= constant

Now, we have two points on Supply curve given in the question : (Q, P) : (1,1); (4,1.5)

Substituting these two values in equation (i), we will get, m = 6 and c = -5.

Thus, the supply curve equation can be written as Q = 6P - 5 or

P = Q/6 + 5/6 (Answer of part 6(b))Now, using this supply curve, we can fill the table as follows:

The price of ice cream in dollar (P) or (y) The amount of ice cream provided (Q) or (x) 1.0 1 1.5 4 2.0 7 2.5 10 3.0 13 Here,

dependent variable id quantity supplied and independent variable is Price. From the above table, we can observe that as price of ice cream increases, its quantity supplied also increases. Thus,there is a direct positive relationship between quantity supplied and price.(Answer of part 5(b))Supply Curve - 5.0 The price of ice cream in dollar (P) or (y) 10 15 The amount of ice cream provided (Q) or (x)