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1) In the supply function Q s = -10 + 10P, Q s represents quantity of good Z supplied per month in thousands of units, and P represents the price per unit of Z in $

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1) In the supply function Q s = -10 + 10P, Q s represents quantity of good Z supplied per month in thousands of units, and P represents the price per unit of Z in $.

(a) Assume that due to a new technology, 5 thousand more units of Z are supplied at each price. Determine the new supply function.

(b) Calculate the new vertical and horizontal intercepts using the function.

(c) Graph the new supply curve, including only positive values for Q s, up to the point where P = 4.

(d) Assume that due to a reduction in the number of firms in the industry, 5 thousand fewer units of Z are supplied at each price (relative to the initial supply function). Determine the new supply function.

(e) Draw the new supply curve on your graph.

(f) If the slope changes to +15, state the new supply function, and outline how the change in slope affects the steepness of the supply curve.

(g) Outline the relationship between an individual firm's supply and market supply.