Question: Use the table to work on Problems 5 to 7 . The table gives the supply schedules of the only sellers of hot air balloon
Use the table to work on Problems to
The table gives the supply schedules of the only sellers of hot air balloon rides: Xavier, Yasmin, and Zack.
tabletablePricedollarsper ridetableQuantity suppliedridesper
a Construct the market supply schedule.
b What are the minimum prices that Xavier, Yasmin, and Zack are willing to accept to supply rides? Why?
a What is the marginal social cost when the total number of rides is
b What is the marginal cost for each supplier when the total number of rides is and how many rides does each of the firms supply?
When the price is $ a ride, what is each seller's producer surplus? What is the market producer surplus?
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