In the following table, the supply schedule in the third column equals the cumulative number of pounds
Question:
In the following table, the supply schedule in the third column equals the cumulative number of pounds of crawfish available for sale at the price indicated. The cumulative total is found by adding up in the second column all the pounds produced at a given price and at all lower prices. These are the actual numbers from class.
Price | Number of Sellers Just Willing to Sell a Pound of Crawfish at the Price Indicated | Quantity Supplied |
$10 | 3 Sellers | 3 |
$12 | 3 Sellers | 6 |
$14 | 3 Sellers | 9 |
$16 | 3 Sellers | 12 |
$18 | 3 Sellers | 15 |
$20 | 3 Sellers | 18 |
$22 | 2 Sellers | 20 |
In the following table, the demand schedule in the third column equals the cumulative number of pounds of crawfish buyers would be willing and able to buy at the price indicated. The cumulative total is found by adding up in the second column all the pounds purchased at a given price and at all higher prices. These are the actual numbers from class.
Price | Number of Buyers Just Willing to Buy a Pound of Crawfish at the Price Indicated | Quantity Demanded |
$22 | 3 Buyers | 3 |
$20 | 3 Buyers | 6 |
$18 | 3 Buyers | 9 |
$16 | 3 Buyers | 12 |
$14 | 3 Buyers | 15 |
$12 | 3 Buyers | 18 |
$10 | 2 Buyers | 20 |
Use the axes to graph supply and demand. Use black ink for supply and blue ink for demand.
Mathematical Applications for the Management Life and Social Sciences
ISBN: 978-1305108042
11th edition
Authors: Ronald J. Harshbarger, James J. Reynolds