Below is the supply schedule for ink cartridges. The current price of ink (per c

Question

Below is the supply schedule for ink cartridges. The current price of ink (per cartridge) is $20. The orange point on the graph indicates how many cartridges that suppliers are willing to supply at $20/cartridge. Imagine that the price of cartridges increases to $24. Shift the curve and/or move the point to demonstrate what happens in terms of supply if the price increases to $24. Price of Ink (per cartridge) Quantity of ink cartridges supplied (billions of cartridges) $14 2 $16 3 $20 5 $24 7 $26 8

Explanation / Answer

the answer is to the point ($24, 7)

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