A supply function is a model that represents the behavior of the producers and/or sellers in a market. It represents how much of a good or service a producer/supplier will supply at a price of the product and other factors. Hope this answers the question.
Answer:
New price = Initial price(1.75) ;
$21
Explanation:
Given that:
Original price = $12
Percentage increase = 75%
The percent equation :
Initial percentage = 100%
Proposed % increase = 75%
New price = initial price(100% + 75%)
New price = Initial price(1 + 0.75)
New price = Initial price(1.75)
The New price is thus ;
$12 * 1.75 = $21
The demand is based on the preferences and purchasing posibilities of consumers.
The answer is replication, I think
