There are two restaurants on Bloor selling Ramen noodle bowls - Ramentastic and Best Ramen. They are part of a larger perfectly competitive market for Ramen noodle bowls, but let's just focus on these two restaurants. Ramentastic's supply curve is P=Q. Best Ramen's supply curve is P=1+5Q. If the market price of Ramen is $24, what is the total quantity supplied from both these restaurants? Enter a number only. Remember, fractions of goods are possible.

There are two restaurants on Bloor selling Ramen noodle bowls - Ramentastic and Best Ramen. They are part of a larger perfectly competitive market for Ramen noodle bowls, but let's just focus on these two restaurants. Ramentastic's supply curve is P=Q. Best Ramen's supply curve is P=1+5Q. If the market price of Ramen is $24, what is the total quantity supplied from both these restaurants? Enter a number only. Remember, fractions of goods are possible.

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter10: Price-searcher Markets With Low Entry Barriers

Section: Chapter Questions

Problem 16CQ

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