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Chapter 03 Problem Set
Directions: Use the five problems below to help guide you in answering a series of questions on
the Blackboard course page. I would go through these problems in detail first before trying to
answer questions.
1. In Kingsbury County, there is a supply schedule for fast food. Here is the table below:
Price
Quantity Supplied
4.00
3,000
4.50
3,500
5.00
4,000
5.50
4,500
6.00
5,000
a. Draw a supply curve where you plot price on the vertical axis and quantity on the
horizontal axis.
b. When the price rises from $4.50 to $5.50, how much does quantity supplied increase
or decrease?
•
When the prices rices from $4.5 to $5.5...