The following tables show the tea market supply and demand schedules of three countries. • Use the schedules to draw demand and supply curve of each company. • Use the schedules to draw the market curve for the tea market. Company A Price($) 10 20 30 40 50 60 Company B Price($) 70 80 90 100 110 120 130 Demanded Q Supplied Q 130 10 20 30 40 50 Demanded CSupplied Q 70 60 50 40 10 20 30 40 50 60 70 120 110 100 90 80 30 20 10 60 70 70 70

The following tables show the tea market supply and demand schedules of three countries. • Use the schedules to draw demand and supply curve of each company. • Use the schedules to draw the market curve for the tea market. Company A Price($) 10 20 30 40 50 60 Company B Price($) 70 80 90 100 110 120 130 Demanded Q Supplied Q 130 10 20 30 40 50 Demanded CSupplied Q 70 60 50 40 10 20 30 40 50 60 70 120 110 100 90 80 30 20 10 60 70 70 70

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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