Suppose there are four gas stations in your town. The quantity of gas that each one is willing to supply per week at various prices is provided in the accompanying table. Determine the quantity supplied for the entire market at each price, and graph the market supply curve. Illustrate on your graph what happens to the supply curve when the price rises from $3 to $5. Price per gallon Station A Station B Station C Station D $5 8,000 5,000 6,000 9,000 $4 6,000 4,000 5,000 5,000 $3 4,000 3,000 4,000 3,000 $2 2,000 2,000 2,000 1,000 $1 0 1,000 1,000 0
Suppose there are four gas stations in your town. The quantity of gas that each one is willing to supply per week at various prices is provided in the accompanying table. Determine the quantity supplied for the entire market at each price, and graph the market supply curve. Illustrate on your graph what happens to the supply curve when the price rises from $3 to $5. Price per gallon Station A Station B Station C Station D $5 8,000 5,000 6,000 9,000 $4 6,000 4,000 5,000 5,000 $3 4,000 3,000 4,000 3,000 $2 2,000 2,000 2,000 1,000 $1 0 1,000 1,000 0
Chapter3: Supply And Demand: Theory
Section: Chapter Questions
Problem 1WNG
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Suppose there are four gas stations in your town. The quantity of gas that each one is willing to supply per week at various prices is provided in the accompanying table. Determine the quantity supplied for the entire market at each price, and graph the market supply curve. Illustrate on your graph what happens to the supply curve when the price rises from $3 to $5.
Price per gallon Station A Station B Station C Station D $5 8,000 5,000 6,000 9,000 $4 6,000 4,000 5,000 5,000 $3 4,000 3,000 4,000 3,000 $2 2,000 2,000 2,000 1,000 $1 0 1,000 1,000 0
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