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#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
The graph of the inverse supply function is called the supply curve , and it shows simultaneously the highest quantity willingly supplied at each price and the lowest price willingly accepted for each quantity.
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3.3. The Supply Function and the Supply Curve
nly the two variables Qsx and P x appear. Once again, we can solve this equation for P x in terms of Qsx , which yields the inverse supply function in Equation 10: Equation (10)  P x = 1 + 0.004Q x   <span>The graph of the inverse supply function is called the supply curve , and it shows simultaneously the highest quantity willingly supplied at each price and the lowest price willingly accepted for each quantity. For example, if the price of gasoline were $3 per gallon, Equation 9 implies that this seller would be willing to sell 500 gallons per week. Alternatively, the lowest price she would ac


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