Practicing Success
Practicing Success
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| Suppose that there are only 2 firms in the entire market. Their supply curves are given as follows: S1(p) = 0, if p< 10 and S1(p) = p-10 , if p>= 10 S2(p) = 0 ,if p<15 and S2(p) = p-15 , if p>=15 Market supply curve for price for p >= 15 will be |
Sm(p) = p-10 Sm(p) = 2p-25 Sm(p) = p-15 Sm(p) = 2p-20 |
| Sm(p) = 2p-25 |
| For price greater than or equal to 15, both the firms will supply the product. So we will add the supply equation of both the firms as follows: (p-10) + (p-15) = 2p-25. |
