PART I. This is the next step of several steps of our economics project. In this next step, you will derive the market supply curve from the individual supply curve survey responses you submitted last week. Your Yogurt Businesses and individual firm supply curves are listed below. To keep everything somewhat anonymous, just your DBA (doing business as) name is listed along with the various quantities supplied you claimed to offer at each discrete price. Based on this information, please derive the Market Supply. The Demand for the whole market is furnished below the student survey responses below. There are 27 pooled Yogurt Businesses in our Community, each offering the following. (Unfortunately, about 10 people have chosen to not go into business and did not post their quantities supplied. ) Show below are the various quantities supplied at the various different market prices: 27 Rivals in the local Yogurt Market Here they are and the quantities they offer to the market at the different prices $0.00 $1.00 $1.30 $1.40 $1.85 $2.25 $2.50 1 Blue Buffalo Frozen Yogurt $1.50 $1.65 260 $2.00 2 Let's Spoon Frozen Yogurt 260 260 260 260 3 Viva La Yogurt 260 Chillsville Fro-Yo 260 5 FroYo2 Go 260 260 6 Slightly Pink Berry 260 7 YO-YO Fro 8 Frozen Me Up 260 9 A's Yogurt 10 Yogurt, But Frozen 11 Melato's 12 Nova's Frozen Yogurt 13 Merry Berry Froy 14 FroYo Delight 8 . 8 8 8 8 8 8 8 8 8 8 8. 8 8. 88 8 8 848 08 8 8 8 8 8..88 8.88 800. 15 FroYo Land Yogurt Castle 17 Yogurt Yan 18 Sweet FroyoLand 19 One Scoop 20 Sweet Scoops 21 Dreamy Creamery 22 Yogubear's Frozen Yogurt 23 Arctic Delight 24 Yogurt Crazy (Yo Crazy!) 25 Lillit Yogurt 840 26 T's Ice Cream 27 Milk Or Nut Yogurts 150 Market Supply Market Demand 7,777 7,195 6,829 6,579 6,429 6,279 6,029 5,679 5,179 Your Assignment: (1) Fill in the Following Table and 's librium price and quantity are: Market Price Demand Market Supply (Qd) (Qs ) $1.00 7.777 $ 1.30 $1.40 6.829 $1.50 6.579 $1.65 6.429 $1.85 6.279 $2.00 6.029 $2.25 5.679 $2.50 5.179 This posting is due by Wednesday, September 28, 2022 by 11:59 pm. (2) Calculate the profits under TWO SCENARIOS Note: The Formula for Profit - Total Revenue minus Total Cost where Total Revenue = Price x Quantity = P * Q and where Total Cost = Fixed Cost (rent) + Variable Cost (cost of inputs and labor) A) Calculate the Profit for a firm at a Quantity Supplied of ZERO. This is the "shut down" scenario where no effort is made. re are quite a number of firms that are offering to sell O units at the market equilibrium price. Evaluate the profits/losses per da n during their first month of operation. Is that the "best" option at the market equilibrium price? Yes or no and show why. ) (B ) For your *own* business (listed above) , evaluate your own profits/losses per day at the quantity supplied you posted last week (shown in the table above). Taking the market price as a given, are you doing the best you can do? Do you think there is a better output selection for profit maximization/loss minimization. If you could, would you modify your quantity supplied, given that now you know what the market price is? Or, are you satisfied with your initial responses and make no changes given the equilibrium price?After increase in quantity demanded at each price level, Price 0 1 1.3 1.4 1.5 1.65 1.85 2.25 2.5 Market supply 740 2160 4116 5700 6429 7679 7920 8060 8140 Market demand 7777 7195 6829 6579 6429 6279 6029 5679 5179 New market demand 9177 8595 8229 7979 7829 7679 7429 7079 6579 After increase in quantity demanded at each price level, Price 0 1 1.3 1.4 1.5 1.65 1.85 2.25 2.5 Market supply 740 2160 4116 5700 6429 7679 7920 8060 8140 Market demand 7777 7195 6829 6579 6429 6279 6029 5679 5179 New market demand 9177 8595 8229 7979 7829 7679 7429 7079 6579
