Attempts Average:4 Aa Aa 5. Reading a supply curve Suppose that the following gr

Question

Attempts Average:4 Aa Aa 5. Reading a supply curve Suppose that the following graph shows the supply curve for aluminum. PRICE (Dollars per ton 6400 5600 800 000- 3200 400- 600 800 0 40 80 120 160 200 240 280 320 QUANTITY OF ALUMINUM IMiltions of tonsl If the price of aluminum is $2,400 per ton, suppliers are willing to sellmillion tons of aluminum The minimum price that sellers are willing to sell 200 million tons o aluminum for is _per ton. The chief source of aluminum is bauxite ore. The cost of extracting and refining aluminum from bauxite ores is small in China and Australia, while it is more expensive in other countries with a low natural occurrence of bauxite, such as Brazil and Jamaica. As the price of aluminum falls the quantity supplied of aluminum will and Jamaica. because producing aluminum will profitable for countries such as Brazil

Explanation / Answer

If the price of Aluminium is $ 2400 per tonne, suppliers are willing to sell 120 million tonnes of Aluminium. The minimum price that sellers are willing to sell 200 million tonnes of Aluminium is $ 4000 per tonne. As the price of Aluminium falls, the quantity supplied of Aluminium will be lesser because producing Aluminium will be less profitable for countries such as Brazil and Jamaica.

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