A linear supply curve is QXS = 5 - 4Px. Does it follow the law of...
A linear supply curve is QXS = 5 - 4Px. Does it follow the law of supply? Why?
Homework Answers
Law of supply states that as the price of a good increases ,the quantity of goods supplied will also increase and vice versa ,ceteris paribus.
If Q^S= 5-4Px ,then dQ^S/dPx= - 4 ,which simply means that an increase in the price level by 1 dollar decreases quantity supplied by 4 units . So,there is a negative relationship between price and quantity supplied.
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