Question

Your boss would like your help on a marketing research project he is conducting on the relationship between the price of soup and the quantity of soup supplied. He hands you the following document:
Price of Soup Quantity of Soup Supplied

0.50 750

0.75 1,000

1.00 1,500

1.25 2,000

Your task is to take this blank and construct a graphical representation of the data. In doing so, you determine that as the price of soup rises, the quantity of soup supplied increases. This confirms the blank.

For both blanks, the choices are supply curve, quantity of soup supplied, supply schedule, and law of supply. I got law of supply for the first blank, and supply curve for the second blank and I wanted to make sure if I was correct.

Answer 1

Answer:

Your task is to take this supply schedule and construct a graphical representation of the data. In doing so, you determine that as the price of soup rises, the quantity of soup supplied increases. This confirms the law of supply.

Explanation:

We draw the supply curve being X-axis the quantity and Y-axis the Price.

The date to construct this representation is in the supply schedule.

This confirms the "law of supply" which states that as the price of a good icnrases the willingess to produce more units of that good increases as there is higher revenue.