Suppose that Gilberto and Juanita are the only suppliers of collectible action figures in a particular market. The following table shows thsupply schedules:PriceGilberto's Quantity SuppliedJuanita's Quantity Supplied(Dollars per action figure)(Action figures)(Action figures)21048186122481428101630On the following graph, plot Gilberto's supply of collectible action figures using the green points (triangle symbol). Next, plot Juanita's supplycollectible action figures using the purple points (diamond symbol). Finally, plot the market supply of collectible action figures using the orang(square symbol).Note: Line segments will automatically connect the points. Remember to plot from left to right.1210Gilberto's SupplyJuanita's SupplyMarket SupplyMacBook ProCE (Dollars per action figure)

Answered: Suppose that Gilberto and Juanita are…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose that Gilberto and Juanita are the only suppliers of collectible action figures in a particular market. The following table shows th
supply schedules:
Price
Gilberto's Quantity Supplied
Juanita's Quantity Supplied
(Dollars per action figure)
(Action figures)
(Action figures)
2
10
4
8
18
6
12
24
8
14
28
10
16
30
On the following graph, plot Gilberto's supply of collectible action figures using the green points (triangle symbol). Next, plot Juanita's supply
collectible action figures using the purple points (diamond symbol). Finally, plot the market supply of collectible action figures using the orang
(square symbol).
Note: Line segments will automatically connect the points. Remember to plot from left to right.
12
10
Gilberto's Supply
Juanita's Supply
Market Supply
MacBook Pro
CE (Dollars per action figure)

Expert Solution

Step 1

Over a particular period of time, the market supply of an item is the total amount of that thing that producers are willing and able to sell at different prices. Market supply will vary due to new companies entering an industry and industry-wide technological advancements. This horizontal summing of each firm's supply curves is known as a market supply curve.

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