Suppose in a market of confectioneries, there are only four suppliers; Delizia, Sachas, La Farine and Pie in the Sky. Using the data in give Table and answer the following the questions using completely labeled graph for each part. Price Delizia Qs Sachas Qs La Farine Qs Pie in the Sky Qs 10 50 100 300 650 20 100 200 600 1,300 30 150 300 900 1,950 40 200 400 1,200 2,600 50 250 500 1,500 3,250 a) Derive the market supply at given price levels. Also, illustrate it graphically and label it. b) Suppose the technology improvement has increased the output in the confectionery market by 100 units by every firm at each price level. Identify the change in the supply and also, illustrate it graphically and label it.
Suppose in a market of confectioneries, there are only four suppliers; Delizia, Sachas, La Farine and Pie in the Sky. Using the data in give Table and answer the following the questions using completely labeled graph for each part. Price Delizia Qs Sachas Qs La Farine Qs Pie in the Sky Qs 10 50 100 300 650 20 100 200 600 1,300 30 150 300 900 1,950 40 200 400 1,200 2,600 50 250 500 1,500 3,250 a) Derive the market supply at given price levels. Also, illustrate it graphically and label it. b) Suppose the technology improvement has increased the output in the confectionery market by 100 units by every firm at each price level. Identify the change in the supply and also, illustrate it graphically and label it.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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- Suppose in a market of confectioneries, there are only four suppliers; Delizia, Sachas, La Farine and Pie in the Sky. Using the data in give Table and answer the following the questions using completely labeled graph for each part.
|
|
Delizia Qs |
Sachas Qs |
La Farine Qs |
Pie in the Sky Qs |
|
10 |
50 |
100 |
300 |
650 |
|
20 |
100 |
200 |
600 |
1,300 |
|
30 |
150 |
300 |
900 |
1,950 |
|
40 |
200 |
400 |
1,200 |
2,600 |
|
50 |
250 |
500 |
1,500 |
3,250 |
a) Derive the market supply at given price levels. Also, illustrate it graphically and label it.
b) Suppose the technology improvement has increased the output in the confectionery market by 100 units by every firm at each price level. Identify the change in the supply and also, illustrate it graphically and label it.
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