Suppose in a market of confectioneries, there are only four suppliers; Delizia, Sachas, La Farine and Pie in the Sky. Using the data in give Table and answer the following the questions using completely labeled graph for each part. Price Delizia Qs Sachas Qs La Farine Qs Pie in the Sky Qs 10 50 100 300 650 20 100 200 600 1,300 30 150 300 900 1,950 40 200 400 1,200 2,600 50 250 500 1,500 3,250 Derive the market supply at given price levels. Also, illustrate it graphically and label it. Suppose the technology improvement has increased the output in the confectionery market by 100 units by every firm at each price level. Identify the change in the supply and also, illustrate it graphically and label it.
Suppose in a market of confectioneries, there are only four suppliers; Delizia, Sachas, La Farine and Pie in the Sky. Using the data in give Table and answer the following the questions using completely labeled graph for each part. Price Delizia Qs Sachas Qs La Farine Qs Pie in the Sky Qs 10 50 100 300 650 20 100 200 600 1,300 30 150 300 900 1,950 40 200 400 1,200 2,600 50 250 500 1,500 3,250 Derive the market supply at given price levels. Also, illustrate it graphically and label it. Suppose the technology improvement has increased the output in the confectionery market by 100 units by every firm at each price level. Identify the change in the supply and also, illustrate it graphically and label it.
Chapter1A: Appendix: Working With Graphs
Section: Chapter Questions
Problem 1E
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Question # 5
A) Suppose in a market of confectioneries, there are only four suppliers; Delizia, Sachas, La Farine and Pie in the Sky. Using the data in give Table and answer the following the questions using completely labeled graph for each part.
|
Price |
Delizia Qs |
Sachas Qs |
La Farine Qs |
Pie in the Sky Qs |
|
10 |
50 |
100 |
300 |
650 |
|
20 |
100 |
200 |
600 |
1,300 |
|
30 |
150 |
300 |
900 |
1,950 |
|
40 |
200 |
400 |
1,200 |
2,600 |
|
50 |
250 |
500 |
1,500 |
3,250 |
- Derive the market supply at given price levels. Also, illustrate it graphically and label it.
- Suppose the technology improvement has increased the output in the confectionery market by 100 units by every firm at each price level. Identify the change in the supply and also, illustrate it graphically and label it.
B) Given the following individual demand and supply schedules for pen and answer the following the questions using completely labeled graph for each part.
|
Price |
Demand by Ali |
Demand by Eman |
Supply by Piano |
Supply by Parker |
|
10 |
500 |
750 |
100 |
350 |
|
20 |
400 |
650 |
200 |
450 |
|
30 |
300 |
550 |
300 |
550 |
|
40 |
200 |
450 |
400 |
650 |
|
50 |
100 |
350 |
500 |
750 |
- Graph the demand and supply
curves. What is theequilibrium price and quantity in the market for pens? - Suppose, if the price of the pen is fixed at 40 and 10, analyze its impact on the market for pens.
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