Answer:
The following table shows the number of cases of water each seller is willing to sell at the prices listed. Price per case Alpine Springs Brook Mountain Cascade Waters Dew Good $0.00 0 cases O cases 0 cases O cases $3.00 100 cases 40 cases 60 cases 100 cases $6.00 200 cases 80 cases 120 cases 200 cases $9.00 300 cases 120 cases 180 cases 300 cases 3. Refer to Table 4-15. If all four suppliers operate in this market, what is the market quantity supplied when the price is $6.00 per case? 4. Refer to Table 4-15. Assuming these are the only four suppliers in this market and the function for market demand is Q"=1000-100P, where is the quantity demanded and P is the price, what is the equilibrium quantity? (Hint; figure out the supply function then solve for equilibrium price & quantity. Or find the quantity of demand at each price in that table and locate the equilibrium quantity for that market) 5. Refer to Table 4-15. Assume these are the only four suppliers in this market and the function for market demand is Q=1000-100P, where is the quantity demanded and P is the price. If the price is $6 per case, is there a shortage or Copyright Cengage Learning. Powered by Cognero. Page 1
