The market supply of lettuce in a small town is shown in the table below. Market Supply of Lettuce Quantity of Lettuce Supplied (heads) Price (dollars) Initial New $3.00 260 2.50 220 2.00 180 1.50 140 1.00 100 0.50 60 Instructions: Enter your answers as a whole number. a. Suppose there is a decrease in the cost of renting land that allows lettuce growers to produce 50 more heads of lettuce at each price. Find the new quantities supplied at each price, and then complete the new supply schedule in the table. b. At a price of $2.00 per head of lettuce, the original quantity supplied was heads of lettuce. heads of lettuce and the new quantity supplied is Imagine that the market supply of peaches comes from Georgia (GA) and South Carolina (SC). The table below shows the quantity of peaches supplied in each state at each price. Individual and Market Supply of Peaches Quantity of Peaches Supplied (pounds) Price (dollars per pound) GA SC Market $10 24,000 16,000 8 20,000 13,000 6 16,000 10,000 4 12,000 7,000 2 8,000 4,000 Instructions: Enter your answers as a whole number. a. In the table, complete the column labeled "Market." b. How many pounds of peaches will be supplied to the market when the price is $6 per pound? pounds

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter3: Demand And Supply
Section: Chapter Questions
Problem 52P: Review Figure 3.4 again. Suppose the price of gasoline is 1.00. Will the quantity demanded he lower...
Question
The market supply of lettuce in a small town is shown in the table below.
Market Supply of Lettuce
Quantity of Lettuce
Supplied (heads)
Price
(dollars)
Initial
New
$3.00
260
2.50
220
2.00
180
1.50
140
1.00
100
0.50
60
Instructions: Enter your answers as a whole number.
a. Suppose there is a decrease in the cost of renting land that allows lettuce growers to produce 50 more heads of lettuce at each
price. Find the new quantities supplied at each price, and then complete the new supply schedule in the table.
b. At a price of $2.00 per head of lettuce, the original quantity supplied was
heads of lettuce.
heads of lettuce and the new quantity supplied is
Transcribed Image Text:The market supply of lettuce in a small town is shown in the table below. Market Supply of Lettuce Quantity of Lettuce Supplied (heads) Price (dollars) Initial New $3.00 260 2.50 220 2.00 180 1.50 140 1.00 100 0.50 60 Instructions: Enter your answers as a whole number. a. Suppose there is a decrease in the cost of renting land that allows lettuce growers to produce 50 more heads of lettuce at each price. Find the new quantities supplied at each price, and then complete the new supply schedule in the table. b. At a price of $2.00 per head of lettuce, the original quantity supplied was heads of lettuce. heads of lettuce and the new quantity supplied is
Imagine that the market supply of peaches comes from Georgia (GA) and South Carolina (SC). The table below shows the quantity of
peaches supplied in each state at each price.
Individual and Market Supply of Peaches
Quantity of Peaches Supplied (pounds)
Price
(dollars
per pound)
GA
SC
Market
$10
24,000
16,000
8
20,000
13,000
6
16,000
10,000
4
12,000
7,000
2
8,000
4,000
Instructions: Enter your answers as a whole number.
a. In the table, complete the column labeled "Market."
b. How many pounds of peaches will be supplied to the market when the price is $6 per pound?
pounds
Transcribed Image Text:Imagine that the market supply of peaches comes from Georgia (GA) and South Carolina (SC). The table below shows the quantity of peaches supplied in each state at each price. Individual and Market Supply of Peaches Quantity of Peaches Supplied (pounds) Price (dollars per pound) GA SC Market $10 24,000 16,000 8 20,000 13,000 6 16,000 10,000 4 12,000 7,000 2 8,000 4,000 Instructions: Enter your answers as a whole number. a. In the table, complete the column labeled "Market." b. How many pounds of peaches will be supplied to the market when the price is $6 per pound? pounds
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Economics 2e
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Microeconomics: Principles & Policy
Microeconomics: Principles & Policy
Economics
ISBN:
9781337794992
Author:
William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:
Cengage Learning
Survey Of Economics
Survey Of Economics
Economics
ISBN:
9781337111522
Author:
Tucker, Irvin B.
Publisher:
Cengage,
Micro Economics For Today
Micro Economics For Today
Economics
ISBN:
9781337613064
Author:
Tucker, Irvin B.
Publisher:
Cengage,
Exploring Economics
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Principles of Microeconomics
Principles of Microeconomics
Economics
ISBN:
9781305156050
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning