Suppose the supply curve for wool mittens is represented as: q = 50 + 1/2x - 5y - 24z. which one of the following statements below is true? a. the variable y could be the price that wool mittens sell for in the market. b. the variable x could be the price of the wool used to make mittens. c. the variable y could be the price of the wool used to make mittens. d. the variable x could be consumers income.

C) The variable Y could be the price of the wool used to make mittens.

D) The variable X could be consumers income.

Explanation:

quantity supplied = 50 + 1/2X - 5Y  -24Z

In this equation if X increases, then the quantity supplied increases. Therefore X can either be the product's price or consumer income.

In this equation if Y or Z increase, then the quantity supplied decreases. Therefore Y or Z are production costs, either labor or materials.

answer; that person may have a larger tax bill to pay on income taxes;

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