Download Law of Supply Practice

Law of Supply Practice, Continued.
1. Circle the data sets that reflects the Law of Supply. Explain why it reflects the Law of Supply.
Price
$1.00
Quantity
0
Price
$1.00
Quantity
30
Price
$1.00
Quantity
20
$2.00
$3.00
$4.00
10
20
30
$2.00
$3.00
$4.00
20
10
0
$2.00
$3.00
$4.00
30
10
0
2. Assume that the data set you chose reflects the supply of Chick-fil-A biscuits at RHS on
Wednesday mornings. In the space below, graph the demand curve in a fully labeled model.
3.
Assume that the data set below reflects the number of hours per week Harry is willing to tutor
other students at each hourly wage.
a. How hours will Harry tutor if the hourly wage was $2?
b. What will Harry do if the wage rises to $15 per hour?
Price per
hour
$10.00
$8.00
$6.00
$4.00
4.
Quantity of
tutoring hours
per week
6
4
2
0
Thinking Critically: Some economists believe that in the factor market for wages/salary, supply
curves slope upward, but eventually begin to bend backwards. Why might this happen?
Draw what this might look like.
5. The law of supply states that as P __________________________, QS
__________________________________.
6. This relationship is known as a ______________________ relationship.
7. A change in quantity supplied is illustrated by __________________________________ the
curve.
8. The table that gives us the data for our supply curve is a
_________________________________________.
Price of Thneeds
2.00
4.00
6.00
8.00
10.00
12.00
Quantity Supplied of Thneeds
0
2
4
6
8
10
9. How many Thneeds are you willing to produce at $1.00? __________________
10. How many Thneeds are you willing to produce at $11.00?