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Question: Problem consists of two different scenarios requiring you to find the market supply curve.
a. The market supply curve is given as P = 100 + 2Q. Several new firms enter this market and now you are told that at each price there are now 50 more units of the good available. What is the equation for the new market supply curve?
b. Firm A’s supply curve is P = 2Q and Firm B’s supply curve is P = 10 + 2Q. There are only these two firms in the market.
i. Draw three graphs horizontally lined up with one another. In the first graph draw Firm A’s supply curve, in the second graph draw Firm B’s supply curve, and in the third graph draw the market supply curve. Be sure to identify any intercept values as well as any “kink” values in the three graphs.
ii. From the graphs in (i) write an equation in slope intercept form for the market supply curve.
iii. Show algebraically how you could find the market supply curve.
Verified Expert
From the information given we know the market supply curve initially and can easily find two points that sit on this curve: for example, (0, 100) and (50, 200) both sit on this supply curve.
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