The table below shows the supply schedules for 3 sellers in a market.
\begin{tabular}{llll}
Price & \begin{tabular}{l}
Seller 1's quantity \
supplied
\end{tabular} & \begin{tabular}{l}
Seller 2's quantity \
supplied
\end{tabular} & \begin{tabular}{l}
Seller 3's quantity \
supplied
\end{tabular} \
\hline$\$ 1$ & 0 & 0 & 1 \
$\$ 2$ & 1 & 0 & 2 \
$\$ 3$ & 3 & 1 & 3 \
$\$ 4$ & 5 & 2 & 4 \
$\$ 5$ & 7 & 3 & 5
\end{tabular}

How much is supplied in this market at a price of $\$ 2$ and at a price of $\$ 5$ ?
Choose 1 answer:
(A) 0 units when the price is $\$ 2$; 3 units when the price is $\$ 5$
(B) 3 units when the price is $\$ 2 ; 7$ units when the price is $\$ 5$
(c) 2 units when the price is $\$ 2$; 8 units when the price is $\$ 5$
(D) 2 units when the price is $\$ 2$; 5 units when the price is $\$ 5$
(E) 3 units when the price is $\$ 2 ; 15$ units when the price is $\$ 5$

Question

The table below shows the supply schedules for 3 sellers in a market.
\begin{tabular}{llll} 
Price & \begin{tabular}{l} 
Seller 1's quantity \
supplied
\end{tabular} & \begin{tabular}{l} 
Seller 2's quantity \
supplied
\end{tabular} & \begin{tabular}{l} 
Seller 3's quantity \
supplied
\end{tabular} \
\hline$\$ 1$ & 0 & 0 & 1 \
$\$ 2$ & 1 & 0 & 2 \
$\$ 3$ & 3 & 1 & 3 \
$\$ 4$ & 5 & 2 & 4 \
$\$ 5$ & 7 & 3 & 5
\end{tabular}

How much is supplied in this market at a price of $\$ 2$ and at a price of $\$ 5$ ?
Choose 1 answer:
(A) 0 units when the price is $\$ 2$; 3 units when the price is $\$ 5$
(B) 3 units when the price is $\$ 2 ; 7$ units when the price is $\$ 5$
(c) 2 units when the price is $\$ 2$; 8 units when the price is $\$ 5$
(D) 2 units when the price is $\$ 2$; 5 units when the price is $\$ 5$
(E) 3 units when the price is $\$ 2 ; 15$ units when the price is $\$ 5$

Accepted Answer

∻Solution∻ ‖ a ⋮ At a price of $2, we sum the quantities supplied by each seller: Seller 1 supplies 1 unit, Seller 2 supplies 0 units, and Seller 3 supplies 2 units. Therefore, the total quantity supplied at $2 is $1 + 0 + 2 = 3$ units. ‖ ‖ b ⋮ At a price of $5, we sum the quantities supplied by each seller: Seller 1 supplies 7 units, Seller 2 supplies 3 units, and Seller 3 supplies 5 units. Therefore, the total quantity supplied at $5 is $7 + 3 + 5 = 15$ units. ‖ ∻Answer∻ ⚹ (E) 3 units when the price is $2; 15 units when the price is $5 ⚹ ∻Key Concept∻ ⚹ Market Supply ⚹ ∻Explanation∻ ⚹ The market supply at a given price is the sum of the quantities supplied by all sellers at that price. ⚹◊What is the total quantity supplied in the market at a price of $2 and $5?⍭ Generate me a similar question◊

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