The UQ Union has permitted two florists (Lucy and John) to set up stalls on Market...
The UQ Union has permitted two florists (Lucy and John) to set up stalls on Market Day. If paid $24 for a bouquet, Lucy is willing to provide 27 bouquets and John is only willing to provide 18. At $14 a bouquet, Lucy is only willing to provide 13 bouquets and John will only provide 9.
Which of the following statements are true:
|
The quantity supplied will fall to zero on non-market days at UQ. |
||
|
Lucy's individual quantity supplied will rise when the price falls as more consumers will demand bouquets. |
||
|
The market quantity supplied at UQ on Market Day is 40 when the price is $14 a bouquet. |
||
|
Lucy's individual quantity supplied will increase when the price rises, due to more consumers demanding bouquets. |
Homework Answers
At price $24 for a bouquet, Lucy is willing to provide 27 bouquets and at price $14 a bouquet Lucy is only willing to supply 13 bouquets.
Hence, at higher price Lucy is willing to supply more, so Lucy's individual quantity supplied will increase when the price rises, due to more consumers demanding bouquets.
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