Suppose that the quantity of corn supplied depends on the price of corn ( P ) and the amount of… 1 answer below »
Suppose that the portion of corn supplied depends on the worth of corn (P) and the quantity of rainfall (R). The insist for corn depends on the worth of corn and the plane of frugal allowance (I). The equations describing the contribute and insist relationships are Qs=20R+100Pand Qd=4000-100P+10I.
a) Sketch a graph of insist and contribute curves (1 marks)