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.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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.
=wered
145
Answer
28.6 margin of error +/-0.1
Find the quantity supplied by each firm at the market price by plugging in the market price
into each of their supply curves and solving for Q. Sum up the supplies for each firm to get
total quantity supplied.

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