imagine that the market supply of peaches comes from Georgia (GA) and South Carolina (SC). The table 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 30,000 28,000 8 26,000 25,000 6 22,000 22,000 4 18,000 19,000 2 14,000 16,000 a. In the table, complete the column labeled “Market.” b. How many pounds of peaches will be supplied to the market when the price is $4 per pound?

imagine that the market supply of peaches comes from Georgia (GA) and South Carolina (SC). The table 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 30,000 28,000 8 26,000 25,000 6 22,000 22,000 4 18,000 19,000 2 14,000 16,000 a. In the table, complete the column labeled “Market.” b. How many pounds of peaches will be supplied to the market when the price is $4 per pound?

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter6: Supply, Demand And Government Policies

Section: Chapter Questions

Problem 3PA

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an Layout References Mailings Review View Help CA ..A following questions. Quantity Demanded (bushels) 40,000 Price per bushel (in $) Quantity Supplied (bushels) 2 4 36,000 4,000 6. 30,000 24,000 8,000 16,000 10 20,000 20,000 28,000 36,000 40,000 12 18,000 14 12,000 16 6,000 a) What are the equilibrium price and quantity of wheat? Answer: the equilibrium price is $10, and quantity of wheat is $2000 bushels. b) Suppose the prevailing price is US$12 per bushel. Is there a shortage or a surplus in the market? Answer: c) What is the quantity of the shortage or surplus? Answer: d) How many bushels will be sold if the market price is US$4 per bushel? Answer: ited States) B Focus REDMI NOTE 9 AI QUAD CAMERA 144
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	Quantity of Peaches Supplied (pounds)
Price (dollars per pound)	GA	SC	Market
$10	30,000	28,000
8	26,000	25,000
6	22,000	22,000
4	18,000	19,000
2	14,000	16,000