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

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.

Step-by-step 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)