1

## Question

5. Just as demand depends on the price of a good, the quantity supplied is also closely related to the price. The following table, called as the supply schedule, describes the amount of ice creams that the seller, Ben, provides depending upon its price. a) Complete the table. The price of ice cream in the amount of ice cream (x,y)=(Q.P) dollar (P) or (y) provided (Q) or (x) 1.00 1.50 2.00 2.50 3.00 b) Identify independent and dependent variables? What trend of quantity of supply do you observe? Explain in few sentences 6. Finding equation of a supply curve: a) Use x-axis for the quantity supplied (Q) and y-axis for the price (P), write each ordered pair (x, y) in the chart above. Plot the points and draw the graph of price and quantity supplied by joining them. The graph obtained is called a supply curve. b) Assuming that the trend is linear, use any two pairs of points on chart in Q-5a) to find the equation of the graph.

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