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Supply curve for orange juice

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1-The following data represent 5 points on the supply curve for orange juice:
Price Quantity (millions of gallons)
1 100
2 300
3 500
4 700
5 900

a- Graph the points of these supply and demand curves for orange juice. Be sure to put price on the vertical axis and quantity on the horizontal axis.

b- Do these points seem to lie along two straight lines? If so, figure out the precise algebraic equation of these lines.

c- Use your solution from part b to calculate the "excess demand: for orange juice if the market price is zero

d- Use your solutions from part b to calculate the "excess supply" of orange juice if the orange juice price is $6 per gallon.

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The expert examines the supply curve for orange juice.

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  • BE, Bangalore University, India
  • MS, University of Wisconsin-Madison
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