Question

3. Suppose that firm 1's supply curve is given by P=2+ Q1 and firm 2's supply curve is given by P=3+Q2. a. List firm 1's quantity supplied at prices $2 through $6. Use these points to graph firm 1's supply curve. b. Solve firm 1's supply curve for Q. c. List firm 2's quantity supplied at prices $3 through $6. Use these points to graph firm 2's supply curve. d. Solve firm 2's supply curve for Q. e. Solve for the aggregate supply curve by adding together firm 1's supply curve solved for Q (Q1) and firm 2's supply curve solved for Q (Q2). f. Next take the aggregate supply curve and solve it for P. g. Solve for the aggregate quantity supplies at prices $2.50, $3, $4, $5, and $6. Use these points to graph the aggregate supply curve. h. Sketch all three supply curves on one graph.

          3. Suppose that firm 1's supply curve is given by P=2+ Q1 and firm 2's supply curve
is given by P=3+Q2.
a. List firm 1's quantity supplied at prices $2 through $6. Use these points to
graph firm 1's supply curve.
b. Solve firm 1's supply curve for Q.
c. List firm 2's quantity supplied at prices $3 through $6. Use these points to
graph firm 2's supply curve.
d. Solve firm 2's supply curve for Q.
e. Solve for the aggregate supply curve by adding together firm 1's supply curve
solved for Q (Q1) and firm 2's supply curve solved for Q (Q2).
f. Next take the aggregate supply curve and solve it for P.
g. Solve for the aggregate quantity supplies at prices $2.50, $3, $4, $5, and $6.
Use these points to graph the aggregate supply curve.
h. Sketch all three supply curves on one graph.

3. Suppose that firm 1's supply curve is given by P=2+ Q1 and firm 2's supply curve
is given by P=3+Q2.
a. List firm 1's quantity supplied at prices 2 through6. Use these points to
graph firm 1's supply curve.
b. Solve firm 1's supply curve for Q.
c. List firm 2's quantity supplied at prices 3 through6. Use these points to
graph firm 2's supply curve.
d. Solve firm 2's supply curve for Q.
e. Solve for the aggregate supply curve by adding together firm 1's supply curve
solved for Q (Q1) and firm 2's supply curve solved for Q (Q2).
f. Next take the aggregate supply curve and solve it for P.
g. Solve for the aggregate quantity supplies at prices 2.50,3, 4,5, and 6.
Use these points to graph the aggregate supply curve.
h. Sketch all three supply curves on one graph.

Added by Kristin G.

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