Explain the law of supply and illustrate it using a supply schedule and curve for ice cream, showing price, quantity supplied, and plotting the curve.

Here are the answers to the questions based on the provided supply schedule:

4.1: To draw the supply curve:

• Label the horizontal axis (X-axis) as "Quantity Supplied (Ice Cream)".
• Label the vertical axis (Y-axis) as "Price (R)".
• Plot the following points from the table: $(10, 2)$, $(50, 4)$, $(90, 6)$, $(120, 8)$, and $(140, 10)$.
• Connect these points with a line to form the supply curve.

4.2:
From the table, when the price is R8, the quantity supplied is 120 ice creams.

• 120 ice creams

4.3:
The supply curve has a positive or upward slope. This means as the price increases, the quantity supplied also increases.

4.4:
The law of supply states that, ceteris paribus (all other factors remaining constant), as the price of a good or service increases, the quantity supplied by producers will also increase, and vice versa.

4.5:
There is a direct or positive relationship between supply and price. As the price of ice cream increases, suppliers are incentivized to produce and sell more because it leads to higher profits. Conversely, a decrease in price will lead to a decrease in the quantity supplied.