The market supply of lettuce in a small town is shown in the table below.Supply of LettucePrice (dollarsQuantity of LettuceSupplied (heads)per head)InitialNew$5.006004.505004.004003.50300Instructions: Enter your answers as a whole number.a. Suppose an increase in the cost of water decreases production of lettuce heads by 40% at every price. Complete the new supplyschedule in the table above.b. At a price of $4.50 per head of lettuce, the original quantity supplied washeads of lettuce and the new quantity supplied isheads of lettuce. The table below shows the quantity of birthday cakes supplied by two producers, Producer A and Producer B.Individual and Market Supply of Birthday CakesQuantity of Birthday Cakes SuppliedPrice(dollars)MarketProducer AProducer BTotal$143505401231046010270380823030061902204150140Instructions: Enter your answers as a whole number.Fill in the "Market" column.

1.The market supply is the sum of individual supply which comes from different producers. So, Market…

Answered: The market supply of lettuce in a small…

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter11: Marketing And Distribution

Section: Chapter Questions

Problem 19AA

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For a good with the following demand: Quantity Demanded Price 6000 $20 14,000 $15 (a) Calculate the price elasticity of demand using the Midpoint Method. (b) Is the demand for this good considered elastic or inelastic? (c) Do you think it is more likely that the average consumer will consider this good a necessity or a luxury? How did you determine your answer? (d) If sellers' production costs rise, will they be able to pass these higher costs onto the buyers in the form of higher prices? Explain.
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