On the following graph, plot Charles's supply of ice cream cones using the green points (triangle symbol). Next, plot Dina's supply of ice cream cones using the purple points (diamond symbol). Finally, plot the market supply of ice cream cones using the orange points (square symbol).
On the following graph, plot Charles's supply of ice cream cones using the green points (triangle symbol). Next, plot Dina's supply of ice cream cones using the purple points (diamond symbol). Finally, plot the market supply of ice cream cones using the orange points (square symbol).
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 25P
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Question
Individual and market supply
Suppose that Charles and Dina are the only suppliers of ice cream cones in a particular market. The following table shows their monthly supply schedules:
Price
|
Charles's Quantity Supplied
|
Dina's Quantity Supplied
|
---|---|---|
(Dollars per cone)
|
(Cones)
|
(Cones)
|
1 | 0 | 5 |
2 | 3 | 9 |
3 | 5 | 12 |
4 | 6 | 14 |
5 | 7 | 15 |
On the following graph, plot Charles's supply of ice cream cones using the green points (triangle symbol). Next, plot Dina's supply of ice cream cones using the purple points (diamond symbol). Finally, plot the market supply of ice cream cones using the orange points (square symbol).
Note: Line segments will automatically connect the points. Remember to plot from left to right.
Charles’s SupplyDina’s SupplyMarket Supply048121620246543210PRICE (Dollars per cone)QUANTITY (Cones)
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