I. Philippines is one of countries which is considered as large producer of rice in Southeast Asia. Rice, being a staple food for Filipinos, is a good subject to a careful analysis by economists. Consider the data below and answer the questions. SUPPLY FOR RICE Price per sack of rice P2550 P2000 Quantity Supplied (Qs) 200 100 d. Solve for the price suppliers are willing to sell if production is at 1,000 units? e. What is the law of supply? f. Discuss the relations and differences of supply schedule, supply curve and supply function.
I. Philippines is one of countries which is considered as large producer of rice in Southeast Asia. Rice, being a staple food for Filipinos, is a good subject to a careful analysis by economists. Consider the data below and answer the questions. SUPPLY FOR RICE Price per sack of rice P2550 P2000 Quantity Supplied (Qs) 200 100 d. Solve for the price suppliers are willing to sell if production is at 1,000 units? e. What is the law of supply? f. Discuss the relations and differences of supply schedule, supply curve and supply function.
Chapter5: Markets In Motion And Price Controls
Section: Chapter Questions
Problem 9P
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Transcribed Image Text:Emphasize the answers with a double rule.
I.
Philippines is one of countries which is considered as large producer of rice in
Southeast Asia. Rice, being a staple food for Filipinos, is a good subject to a careful
analysis by economists. Consider the data below and answer the questions.
SUPPLY FOR RICE
Price per sack of rice
P2550
P2000
Quantity Supplied (Qs)
200
100
d. Solve for the price suppliers are willing to sell if production is at 1,000 units?
e. What is the law of supply?
f. Discuss the relations and differences of supply schedule, supply curve and supply
function.
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