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 $\$ 2 ; 15$ 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 $\$ 2$; 7 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 $\$ 2 ; 15$ 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 $\$ 2$; 7 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∻ ⚹ (B) 3 units when the price is $2; 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. ⚹◊What is the total quantity supplied at a price of $2 in the market based on the supply schedules provided?⍭ Generate me a similar question◊

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