Question

Change in Supply Exercise 1 (Algo) The market supply of lettuce in a small town is shown in the table below. points Skipped Market Supply of Lettuce Quantity of Lettuce Supplied (heads) Price (dollars) Initial $3.00 300 2.50 260. 2.00 220 1.50 180 1.00 140 0.50 100 eBook Print References 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 $1.00 per head of lettuce, the original quantity supplied was heads of lettuce. heads of lettuce and the new quantity supplied is

Answer 1

P l New (Initial +50) 3 300+50 - 350 2.5 260+50 - 310 220+50=270 180+50=230 140+50= 190 0.5 100 + 50-150. 6 at $1; initial quantity supplie & was 140 and final quantity supplied was [190]