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Question
Microeconomics
Posted 19 days ago

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\$ 1 & 0 & 0 & 1 \\
$2\$ 2 & 1 & 0 & 2 \\
$3\$ 3 & 3 & 1 & 3 \\
$4\$ 4 & 5 & 2 & 4 \\
$5\$ 5 & 7 & 3 & 5
\end{tabular}

How much is supplied in this market at a price of $2\$ 2 and at a price of $5\$ 5 ?
Choose 1 answer:
(A) 0 units when the price is $2\$ 2; 3 units when the price is $5\$ 5
(B) 3 units when the price is $2;15\$ 2 ; 15 units when the price is $5\$ 5
(c) 2 units when the price is $2\$ 2; 8 units when the price is $5\$ 5
(D) 2 units when the price is $2\$ 2; 5 units when the price is $5\$ 5
(E) 3 units when the price is $2\$ 2; 7 units when the price is $5\$ 5
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Answer from Sia
Posted 19 days ago
Solution
a
At a price of 2,wesumthequantitiessuppliedbyeachseller:Seller1supplies1unit,Seller2supplies0units,andSeller3supplies2units.Therefore,thetotalquantitysuppliedat2, 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=31 + 0 + 2 = 3 units
b
At a price of 5,wesumthequantitiessuppliedbyeachseller:Seller1supplies7units,Seller2supplies3units,andSeller3supplies5units.Therefore,thetotalquantitysuppliedat5, 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=157 + 3 + 5 = 15 units
Answer
(B) 3 units when the price is 2;15unitswhenthepriceis2; 15 units when the price is 5
Key Concept
Supply Schedule
Explanation
The supply schedule shows the quantity of goods that sellers are willing to supply at different prices. By summing the quantities supplied by each seller at the given prices, we can determine the total market supply.

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