Question

The following table shows the number of cases of bottled water each seller is willing to sell at the prices listed. 2) Market Market Cascade Waters 0 cases 60 cases 120 cases 180 cases Price per Alpine case $0.00 Dew Good 0 cases 100 cases 200 cases 00 cases Brook Mountain Supply Demand Springs 0 cases 800 cases 700 cases 600 cases 500 cases 0 cases $3.00 100 cases 40 cases $6.00 | 200 cases 180 cases 9.00 300 cases 120 cases a) b) c) Assuming the four companies listed are the only companies in the market,fill in the total quantity supplied to the market at each price (in place of the question marks). (4 points) Based on this information, give the function for market supply. Hint: It can be written as Q-P. (2 points) What is the equilibrium price and quantity in this market? Explain your answer. (3 points)

I just need help with part B, We didnt go over it in class and Im not understanding how to do it with the notes supplied. Thank you!

Answer 1

Price	Market supply
0	0
3	300
6	600
9	900

It can be seen from the information above that Market supply is directly proportional to price level.

Qs = kP

replace any of the values in the table above to get the value of k:

Qs = 100P