Final answer:
To plot a supply curve from the linear function Qs = 4+2P, graph the relationship between quantity supplied and price, set P to zero to find the vertical intercept, choose different price points to establish other points on the curve, and connect these with a straight line.
Step-by-step explanation:
Plotting a Linear Supply Curve
To plot a supply curve from a linear function, like Qs = 4+2P, you need to graph the relationship between the quantity supplied (Qs) and the price (P). Start by making a two-axis graph with the price on the vertical axis and the quantity on the horizontal axis.
- Determine the vertical intercept by setting P to zero in the equation. In this case, when P = 0, Qs = 4. So, our curve will cross the quantity axis at 4.
- Next, find another point by choosing a price. For instance, when P = 1, the equation gives us Qs = 4 + 2(1) = 6. So, mark a point at P = 1 and Qs = 6 on the graph.
- Repeat step 2 with another price to get a third point. For example, when P = 2, Qs = 4 + 2(2) = 8.
- Now, connect these points with a straight line. The line represents the supply curve, showing that at higher prices, a larger quantity is supplied.
By graphing the linear function this way, you have created a supply curve that visualizes how the quantity of goods a producer is willing to supply changes as the price of the goods changes.