Suppose that the supply function for lamb in Australia is (Q=149+8 p-9 p), where (Q) is the

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Suppose that the supply function for lamb in Australia is \(Q=149+8 p-9 p\), where \(Q\) is the quantity in millions of \(\mathrm{kg}\) of lamb per year, and \(p\) and \(p_{s}\) are the prices of lamb and sheep, respectively, in Australian dollars per kg. How does the supply curve change if the price of sheep increases from AU\$5 to AU\$5.50 per kg?

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Microeconomics

ISBN: 9781292215624

8th Global Edition

Authors: Jeffrey Perloff

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