Relationship between product price and quantity supplied

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You are a business manager working for a firm in a purely competitive market and you just hired a summer intern who does not understand how to derive the firms’ short run supply curve from the firms’ marginal cost curve. Please explain this to the intern.

i) Please explain to the intern how the short run supply curve derived from the firm’s marginal cost curve.

ii) Direct relationship between product price and quantity supplied.

Reference no: EM131110308

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