What should be the starting point of straight line upward sloping supply curve, when (i) E_(S)=1 (ii) E_(S)gt1 (iii) E_(S)lt1 Draw the supply curves showing : (i) E_(S)=1 (ii) E_(S)gt1 (iii) E_(S)lt1
Oil supply a. P=Q is an upward sloping supply curve for oil. The quantity is barrels per day, and the price is $/barrel. Graph this curve. b. Horizontal reading of the supply