The following table indicates the supply schedules for four

The following table indicates the supply schedules for four types of producers: A, B, C, and D and the number of producers in each group (top row). The quantity price of $5? supplied by each type of producer (QA, Qs, Qc, and Qp) is shown for market prices ranging from $8 down to $2. What is the combined quantity supplied at a market Number of producers A=50 QA B=60 C=30 D=20 Market Price S8 14 12 10 13 4 5 4 0 OA. 880 OB. 22 O C. 890 O D. 4,450

Solution

1) market supply curve can be found out by horizontal summation of individuals supply curve. Thus when P=$5 then Qs=3+8+4+7=22. Thus ans is B

2)relative price of peanut butter=Price of peanut butter/price of jar of jelly=5/3=1.667

3)relative price of jar of jelly=3/5=0.6

4)price of automobile would have decreased because there is an inverse relation between demand and price of complement good.

5)Price of Ultrathin laptop would had increased due to which there would have rise in demand for tablet because there is direct relation between qty demanded of a substitute good.