Question: Help! Question 23 (8 points) Using the supply schedule explain the following using economic terms. Price Supply 1 Supply 2 $2 3 0 $3 5

Help!

Question 23 (8 points) Using the supply schedule explain the following using economic terms. Price Supply 1 Supply 2 $2 3 0 $3 5 $5 18 16 $8 29 25 $11 42 38 What is the relationship between price and supply (whether it is Supply 1 or Supply 2)? What happens to supply when the price of the good is changed from $8 to $3? What happens to supply when the price of the good is changed from $5 to $11? What might cause supply to change from Demand 1 to Demand 2? Explain your answer. How elastic is the good shown in the schedule? How do you know? OG

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