Question

Please provide answer for a, c, and appropriate change in graph. This is all the information I was provided

The accompanying graph contains the supply for knee Market for Knee Braces braces 20 18 16 a. At $8 a brace, how many will be supplied? million braces 14 o 12 b. Suppose that March becomes known as National Marathon Month, where every major city will host a marathon. Shift the supply curve to show the impact of new firms entering the market. 10 6 c. After news of National Marathon Month, at a price of $8, how many braces will be supplied? 4 2 2 8 9 10 Quantity of Braces (millions) million braces

Answer 1

Given a graph that contains supply for knee braces At $8 a brace, how many will be supplied ? when price = $8 Quantity = 2 units That is at $8, 2 braces will be supplied according to supply curve \r\n suppose that march becomes known as national marathon month, where every major city will host a marathon shift the supply curve to show the impact of new firms entering the market when more firms enter the market, total market supply will shift rightward from SS_1 to SS_2 in the graph, which wild intersect demand curve at point E_2, thus lowering price to P_2 q increasing quantity tQ_2 thus the supply will shift to right because of more supply \r\n After news of national marathon month, at a price of $8, how many braces will be supplied? U braces (from graph) exactly the new quantity will be now, cannot be computed unless data about exact