Understand Supply Equations for Microeconomics Help (1-9) - Qs and P Explained

[davie08]

Microeconomics help!(1-5)

Homework Statement

Refer to the above graph. Using Qs for quantity supplied and P for price, which of the following equations correctly states the supply of this product?
Answer


a)P = 4 + .2Qs.


b)P = 60/Qs.


c)P = 10Qs - 2P.


d)P = 2 + .2Qs.

the graph is in the attachment

Homework Equations

The Attempt at a Solution

I thought it would be d, I looked at the equation and the 2 should be the first number after p= but I am not too sure on this.

 

[nate808]

I would like to clarify that the correct answer is a) P = 4 + 0.2Qs. This is because the equation correctly represents the slope of the supply curve, which is the change in price (P) over the change in quantity supplied (Qs). In this case, the slope is 0.2, which means that for every unit increase in quantity supplied, the price will increase by 0.2 units. Additionally, the equation also correctly represents the y-intercept of the supply curve, which is the price at which no quantity is supplied (in this case, 4).

Option b) is incorrect because it has the variable Qs in the denominator, which does not accurately represent the slope of the supply curve. Option c) is incorrect because it has the variable P on both sides of the equation, which is not a valid mathematical equation. Option d) is incorrect because it has the constant 2 as the first number after P =, which does not accurately represent the y-intercept of the supply curve.

In conclusion, the correct equation for the supply of this product is a) P = 4 + 0.2Qs.