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Supply: Thinking Like a Seller - End of Chapter Problem Suppose there are four gas stations in town. The quantity firms are willing to supply each week at various prices is provided in the accompanying table. Determine the quantity supplied for the entire market at each price, then move the points on the graph to create the market supply curve. a. At $1, market supply is c. At $3, market supply is e. At $5, market supply is gallons. gallons. gallons. g. Place the points on the graph to plot the market supply. Price per gallon $1 $2 $3 $4 $5 Firm A Firm B Firm C Firm D (gallons (gallons (gallons (gallons per per per per week) week) week) week) 0 1,000 1,000 0 2,000 2,000 2,000 1,000 4,000 3,000 4,000 3,000 6,000 4,000 5,000 5,000 8,000 5,000 6,000 9,000 b. At $2, market supply is d. At $4, market supply is gallons. gallons. f. When the price increases from $3 to $5, the quantity supplied in the market increases from gallons per week. to

Supply: Thinking Like a Seller - End of Chapter Problem Suppose there are four gas stations in town. The quantity firms are willing to supply each week at various prices is provided in the accompanying table. Determine the quantity supplied for the entire market at each price, then move the points on the graph to create the market supply curve. a. At $1, market supply is c. At $3, market supply is e. At $5, market supply is gallons. gallons. gallons. g. Place the points on the graph to plot the market supply. Price per gallon $1 $2 $3 $4 $5 Firm A Firm B Firm C Firm D (gallons (gallons (gallons (gallons per per per per week) week) week) week) 0 1,000 1,000 0 2,000 2,000 2,000 1,000 4,000 3,000 4,000 3,000 6,000 4,000 5,000 5,000 8,000 5,000 6,000 9,000 b. At $2, market supply is d. At $4, market supply is gallons. gallons. f. When the price increases from $3 to $5, the quantity supplied in the market increases from gallons per week. to

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Supply: Thinking Like a Seller — End of Chapter Problem Suppose there are four gas stations in town. The quantity firms are willing to supply each week at various prices is provided in the accompanying table. Determine the quantity supplied for the entire market at each price, then move the points on the graph to create the market supply curve. a. At $1, market supply is c. At $3, market supply is e. At $5, market supply is gallons. gallons. gallons. g. Place the points on the graph to plot the market supply. Firm A Firm B Firm C Firm D (gallons (gallons (gallons (gallons per per per per week) week) week) week) $1 0 1,000 1,000 0 $2 2,000 2,000 2,000 1,000 $3 4,000 3,000 4,000 3,000 $4 6,000 4,000 5,000 5,000 $5 8,000 5,000 6,000 9,000 Price per gallon b. At $2, market supply is d. At $4, market supply is gallons. gallons. f. When the price increases from $3 to $5, the quantity supplied in the market increases from gallons per week. to
Transcribed Image Text:Supply: Thinking Like a Seller — End of Chapter Problem Suppose there are four gas stations in town. The quantity firms are willing to supply each week at various prices is provided in the accompanying table. Determine the quantity supplied for the entire market at each price, then move the points on the graph to create the market supply curve. a. At $1, market supply is c. At $3, market supply is e. At $5, market supply is gallons. gallons. gallons. g. Place the points on the graph to plot the market supply. Firm A Firm B Firm C Firm D (gallons (gallons (gallons (gallons per per per per week) week) week) week) $1 0 1,000 1,000 0 $2 2,000 2,000 2,000 1,000 $3 4,000 3,000 4,000 3,000 $4 6,000 4,000 5,000 5,000 $5 8,000 5,000 6,000 9,000 Price per gallon b. At $2, market supply is d. At $4, market supply is gallons. gallons. f. When the price increases from $3 to $5, the quantity supplied in the market increases from gallons per week. to
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