Consider the market for soda, where four consumers and three producers (sellers) exchange money for soda....
- Consider the market for soda, where four consumers and three
producers (sellers) exchange money for soda.
- Market Demand is a sum of individual demand. The schedule below indicates the demand for soda. Sum the individual demand to get Market Demand.
|
Price |
Helix |
Jon |
Jenna |
Milo |
Market Demand |
|
$0 |
5 |
6 |
6 |
4 |
21 |
|
$1 |
4 |
4 |
5 |
3 |
16 |
|
$2 |
3 |
3 |
4 |
2 |
12 |
|
$3 |
2 |
2 |
3 |
1 |
8 |
|
$4 |
1 |
1 |
2 |
0 |
4 |
|
$5 |
0 |
0 |
1 |
0 |
2 |
b. Market Supply is a sum of individual supply. The supply schedule indicates how much each firm supplies. Calculate the market quantity supplied.
|
Price |
Coke |
Pepsi |
Dr. Pepper |
Market Supply |
|
$0 |
0 |
0 |
0 |
0 |
|
$1 |
1 |
1 |
1 |
3 |
|
$2 |
2 |
2 |
1 |
5 |
|
$3 |
3 |
3 |
2 |
8 |
|
$4 |
4 |
4 |
3 |
11 |
|
$5 |
5 |
5 |
4 |
14 |
c. Graph Market Supply and Demand! Indicate the equilibrium price and quantity
d. Describe a scenario that would shift the Supply curve out (to the right). What would be the overall effect on price at a given quantity supplied?
Homework Answers
Part C
The graphical representation of demand shedule and supply schedule gives demand and supply curves. That is,
Part D
Supply curve shift to the right when an improvement in production technology. If the Soda producers introduce a new technology that will shifts the supply curve to right because of the increase in the supply of soda. This will reduce the price of Soda and an increase in the quantity supplied.
Add Answer to:
Consider the market for soda, where four consumers and three
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