ECONOMICS Lecture Notes - Lecture 15: Ceteris Paribus, Economic Surplus
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14 Jun 2021
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Given below is the Supply Schedule of Nestle Milk per liter.
Price of milk per liter | Quantity supplied (thousands) |
100 | 100 |
200 | 200 |
300 | 300 |
400 | 400 |
Use the above data to illustrate the supply curve in a graph with complete labels.
Assume Rs. 200 is the original price of milk per liter and 200,000 liters is the original quantity of supply. Suppose the price rises from Rs. 200 to Rs. 300, what will be the amount of Quantity Supplied? Illustrate the impact on the graph.
Is this a movement along the supply curve or a shift of the curve?