Suppose that Carlos and Deborah are the only suppliers of pieces of cake in some hypothetical market. Their annual supply schedules are given by the following table: Price (Dollars per piece) 1 2 3 4 5 Carlos's Quantity Supplied Deborah's Quantity Supplied (Pieces) (Pieces) 0 20 40 55 65 70 20 30 35 40
Suppose that Carlos and Deborah are the only suppliers of pieces of cake in some hypothetical market. Their annual supply schedules are given by the following table: Price (Dollars per piece) 1 2 3 4 5 Carlos's Quantity Supplied Deborah's Quantity Supplied (Pieces) (Pieces) 0 20 40 55 65 70 20 30 35 40
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Suppose that Carlos and Deborah are the only suppliers of pieces of cake in some hypothetical market. Their annual supply schedules are given by the
following table:
Carlos's Quantity Supplied Deborah's Quantity Supplied
(Pieces)
ITT
20
30
35
40
PRICE (Dollars per piece)
(Dollars per piece)
5
Price
0
0
1
2
3
4
5
20
On the following graph, plot Carlos's supply of pieces of cake using the green points (triangle symbol). Next, plot Deborah's supply of pieces of cake
using the purple points (diamond symbol). Finally, plot the market supply of pieces of cake using the orange points (square symbol).
Note: Line segments will automatically connect the points. Remember to plot from left to right.
(?)
40
60
80
QUANTITY (Pieces)
100
(Pieces)
120
20
40
55
65
70
Carlos's Supply
Deborah's Supply
O
Market Supply
Expert Solution
Step 1
An Individual's supply curve depicts the positive relationship between the price and quantity supplied by an individual.
The market supply curve depicts the positive relationship between the price and quantity supplied by the market.
The market supply curve is the vertical summation of an individual's supply curve.
It means adding up the quantity supplied by each individual at every price level.
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