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
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...
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