The following table shows the supply schedules for Rolling Rock and two other petroleum companies. Armadillo Oil and Pecos Petroleum. Assuming these three companies make up the entire supply side of the oil market, complete the market supply schedule and draw the market supply curve on a graph. Quantity supplied (barrels per month) Price (dollars per barrel) Rolling Rock Armadillo Oil Pecos Petroleum Market $5 10,000 8,000 2,000 ___ $10 15,000 10,000 5,000 ___ $15 20,000 12,000 8,000 ___ $20 25,000 14,000 11,000 ___ $25 30,000 16,000 14,000 ___
The following table shows the supply schedules for Rolling Rock and two other petroleum companies. Armadillo Oil and Pecos Petroleum. Assuming these three companies make up the entire supply side of the oil market, complete the market supply schedule and draw the market supply curve on a graph. Quantity supplied (barrels per month) Price (dollars per barrel) Rolling Rock Armadillo Oil Pecos Petroleum Market $5 10,000 8,000 2,000 ___ $10 15,000 10,000 5,000 ___ $15 20,000 12,000 8,000 ___ $20 25,000 14,000 11,000 ___ $25 30,000 16,000 14,000 ___
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The following table shows the supply schedules for Rolling Rock and two other petroleum companies. Armadillo Oil and Pecos Petroleum. Assuming these three companies make up the entire supply side of the oil market, complete the market supply schedule and draw the market supply curve on a graph.
|
Quantity supplied (barrels per month) |
||||
|
|
Rolling Rock |
Armadillo Oil |
Pecos Petroleum |
Market |
|
$5 |
10,000 |
8,000 |
2,000 |
___ |
|
$10 |
15,000 |
10,000 |
5,000 |
___ |
|
$15 |
20,000 |
12,000 |
8,000 |
___ |
|
$20 |
25,000 |
14,000 |
11,000 |
___ |
|
$25 |
30,000 |
16,000 |
14,000 |
___ |
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