The following table shows the number of producers and their reservation price of selling toys. Suppose...
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The following table shows the number of producers and their reservation price of selling toys. Suppose each producer can produce at most one unit of toy per day due to limited resources. Fill in the column of "Quantity supplied". Explain whether the market supply is consistent with the law of supply. Reservation price $20 $50 $80 $30 $10 $40 $70 $60 Boxes of cookies 0 1 23 2 3 4 (b) Refer to the accompanying table below. According to the Cost-Benefit Analysis, explain how many boxes of cookies should be bought using the marginal approach. Then verify your answer with the total approach. 45 Number of producers 20 6 7 60 65 40 10 10 50 50 Total Cost $0 $2 $6 $12 $20 $30 $42 $56 Market price $80 $70 $60 $50 $40 $30 $20 $10 Quantity supplied (per day) Total Benefit $0 $12 $22 $30 $36 $40 $42 $43 The following table shows the number of producers and their reservation price of selling toys. Suppose each producer can produce at most one unit of toy per day due to limited resources. Fill in the column of "Quantity supplied". Explain whether the market supply is consistent with the law of supply. Reservation price $20 $50 $80 $30 $10 $40 $70 $60 Boxes of cookies 0 1 23 2 3 4 (b) Refer to the accompanying table below. According to the Cost-Benefit Analysis, explain how many boxes of cookies should be bought using the marginal approach. Then verify your answer with the total approach. 45 Number of producers 20 6 7 60 65 40 10 10 50 50 Total Cost $0 $2 $6 $12 $20 $30 $42 $56 Market price $80 $70 $60 $50 $40 $30 $20 $10 Quantity supplied (per day) Total Benefit $0 $12 $22 $30 $36 $40 $42 $43
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ATo fill in the column of quantity supplied we need to determine how many units each producer is wil... View the full answer
Related Book For
Operations management processes and supply chain
ISBN: 978-0136065760
9th edition
Authors: Lee J Krajewski, Larry P Ritzman, Manoj K Malhotra
Posted Date:
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