Problem: The question was to assume that the market for electric toasters is competitive and that the quantity supplied per year depends as folows on the price of a toaster:
Price of a Toaster Number of Toasters Supplied (millions)
12 4.0
14 5.0
16 5.5
18 6.0
20 6.3
Plot the supply curve for toasters. Is this relationship direct or inverse? Do supply curves generally show direct or inverse relationships?