Question

Imagine that the market supply of peaches comes from Georgia (GA) and South Carolina (SC). The supply schedule below shows the quantity of peaches supplied in each state at each price.

Individual and Market Supply of Peaches

Quantity of Peaches Supplied (pounds)
Price (dollars per pound) GA SC Market
$10 20,000 18,000 ?
8 16,000 15,000 ?
6 12,000 12,000 ?
4 8,000 9,000 ?
2 4,000 6,000 ?

Required:
a. Complete the column labeled "Market."
b. The quantity of peaches supplied to the market at a price of $6 per pound is pounds.

Answer 1

Answer:

a. Completion of the column labeled "Market:"

Quantity of Peaches Supplied (pounds)

Price (dollars

per pound)        GA        SC            Market

$10                20,000     18,000      38,000

8                    16,000     15,000       31,000

6                    12,000     12,000      24,000

4                     8,000       9,000       17,000

2                    4,000       6,000       10,000

b. The quantity of peaches supplied to the market at a price of $6 per pound is 24,000 pounds.

Explanation:

a) Data and Calculations:

Individual and Market Supply of Peaches

Quantity of Peaches Supplied (pounds)

Price (dollars

per pound)        GA        SC       Market

$10                20,000    18,000        ?

8                    16,000    15,000        ?

6                   12,000     12,000        ?

4                    8,000       9,000       ?

2                   4,000       6,000        ?

Quantity of Peaches Supplied (pounds)

Price (dollars

per pound)        GA        SC            Market (GA + SC)

$10                20,000    18,000      38,000 (20,000 + 18,000)

8                    16,000    15,000       31,000 (16,000 + 15,000)

6                   12,000     12,000      24,000 (12,000 + 12,000)

4                    8,000       9,000       17,000 (8,000 + 9,000)

2                   4,000       6,000       10,000 (4,000 + 6,000)