Same question. ### Market Supply Analysis of Packed Meals#### OverviewThere are four suppliers in the packed meals market. The quantity of packed meals that each one is willing to supply per week at various prices is provided in the accompanying table. **Scenario:** What is the change in the market supply for packed meals when the price rises from $6.25 per meal to $6.50 per meal?#### Data Table: Quantity of Packed Meals Supplied Per Month (in Thousands)| Price per packed meal | Producer 1 | Producer 2 | Producer 3 | Producer 4 ||-----------------------|------------|------------|------------|------------|| $5.50 | 41 | 30 | 52 | 60 || $5.75 | 62 | 60 | 75 | 100 || $6.00 | 94 | 90 | 105 | 140 || $6.25 | 138 | 120 | 140 | 180 || $6.50 | 172 | 150 | 188 | 220 || $6.75 | 214 | 180 | 241 | 260 |#### Analysis of Change in Market SupplyTo determine the change in market supply when the price increases from $6.25 per meal to $6.50 per meal, do the following calculations:1. **At $6.25 per meal:** - Total quantity supplied = 138 + 120 + 140 + 180 = 578 thousand meals2. **At $6.50 per meal:** - Total quantity supplied = 172 + 150 + 188 + 220 = 730 thousand meals**Change in market supply:** - 730 thousand meals (at $6.50) - 578 thousand meals (at $6.25) = 152 thousand meals#### ConclusionWhen the price rises from $6.25 per meal to $6.50 per meal, the quantity supplied in the market increases by **152,000 meals**.#### Options Provided for Understanding- The quantity supplied in the market falls by 165,000.- The quantity supplied in the market rises by 132,000.- **The quantity supplied in the market rises by 152,000. ### Analysis of Quantity Supplied in the Market for Packed MealsThe table below provides data on the quantity of packed meals supplied per month (in thousands) by four different producers at various price points. #### Price and Supply Data Table| **Price per Packed Meal** | **Producer 1** | **Producer 2** | **Producer 3** | **Producer 4** ||---------------------------|----------------|----------------|----------------|----------------|| **$5.50** | 41 | 30 | 52 | 60 || **$5.75** | 62 | 60 | 75 | 100 || **$6.00** | 94 | 90 | 105 | 140 || **$6.25** | 138 | 120 | 140 | 180 || **$6.50** | 172 | 150 | 188 | 220 || **$6.75** | 214 | 180 | 241 | 260 |#### Analysis Question:What is the change in the quantity supplied in the market when the price rises from $6.25 per meal to $6.50 per meal?#### Calculation:To calculate the change in the quantity supplied in the market:- Sum the quantities supplied by all producers at the $6.25 price level. - $138 + 120 + 140 + 180 = 578 \text{ thousand meals}$- Sum the quantities supplied by all producers at the $6.50 price level. - $172 + 150 + 188 + 220 = 730 \text{ thousand meals}$Then, subtract the total supply at $6.25 from the total supply at $6.50. - $730 - 578 = 152 \text{ thousand meals}$#### Conclusion:The quantity supplied in the market rises by 152,000 meals when the price increases from $6.25 to $6.50 per meal.#### Multiple-Choice Answer:- The quantity supplied in the market rises by 152,000.#### Diagram Description:There is no diagram or graph accompanying this text, just a standard tabular representation of data. The data is organized to show how the supply quantity varies with the change in

A market is a place where the buyers and sellers will interact with each other and determine to…

There are four suppliers in the packed meals market. The quantity of packed meals that each one is willing to supply per week at various prices is provided in the accompanying table. What is the change in the market supply for packed meals when the price rises from $6.25 per meal to $6.50 per meal?

There are four suppliers in the packed meals market. The quantity of packed meals that each one is willing to supply per week at various prices is provided in the accompanying table. What is the change in the market supply for packed meals when the price rises from $6.25 per meal to $6.50 per meal?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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