Chapter 3. Chapter 3

Step 1

Work it Out
Chapter 3
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You must read each slide, and complete any questions on the slide, in sequence.

Question

The supply curve for rice is as follows:

A table with four rows and two columns. The column headers are Price of rice (per 100-pounds bag) and Quantity of rice supplied (in thousands). The values in the second row are 40 dollars, 10. The values in the third row are 60 dollars, 15. The values in the fourth row are 80 dollars, 20.
The plot shows the quantity of rice in thousands versus the price of rice per 100-pounds bag. The horizontal axis is from 0 to 30 units, the vertical axis is from 0 to 100 units. Three points are connected by a straight-line segment. These points have the following coordinates: 10 and 40, 15 and 60, 20 and 80.
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Step 2

Question

After the $5 tax is enacted, at which price will producers sell quantities of 10,000? 15,000? 20,000? Select the table with the correct answers. A table with four rows and two columns. The column headers are Price of rice (per 100-pounds bag) and Quantity of rice supplied (in thousands). There are no values in the first column and the second, the third and the fourth rows. The values in the second column and the second, the third and the fourth rows are 10, 15, 20, respectively.

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