Question
10. Individual and market supply Suppose that Carlos and Deborah are the only suppliers of pieces of cake in some hypothetical market. Their annual supply
10. Individual and market supply
Suppose that Carlos and Deborah are the only suppliers of pieces of cake in some hypothetical market. Their annual supply schedules are given by the following table:
Price | Carlos's Quantity Supplied | Deborah's Quantity Supplied |
---|---|---|
(Dollars per piece) | (Pieces) | (Pieces) |
1 | 0 | 20 |
2 | 10 | 35 |
3 | 15 | 45 |
4 | 20 | 50 |
5 | 25 | 55 |
On the following graph, plot Carlos's supply of pieces of cake using the green points (triangle symbol). Next, plot Deborah's supply of pieces of cake using the purple points (diamond symbol). Finally, plot the market supply of pieces of cake using the orange points (square symbol).
Note: Line segments will automatically connect the points. Remember to plot from left to right.
6 4 5 Carlos's Supply 4 Deborah's Supply 3 PRICE (Dollars per piece) Market Supply 2 7 0 0 20 40 60 80 100 120 QUANTITY (Pieces)Step by Step Solution
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