Question

The following table indicates the supply schedules for four types of​ producers: ​A, B,

C​,

and D and the number of producers in each group​ (top

​row).

The quantity supplied by each type of producer

​(QA​,

QB​,

QC​,

and

QD​)

is shown for market prices ranging from​ $8 down to​ $2. What is the combined quantity supplied at a market price of

​$77​?

Number of producers

	A​ = 50	B​ = 60	C​ = 30	D​ = 20
Market Price	QA	QB	QC	QD
​ $8	6	14	7	13
7	5	12	6	11
6	4	10	3	9
5	3	8	4	7
4	2	6	3	5
3	1	4	2	3
2	0	2	1	1

A.

9,590

B.

1,370

C.

34

D.

1360

Answer 1

Solution

There are Four types of producers

Type A= 50 producers

Type B= 60 producers

Type C= 30 producers

Type D= 20 producers

Market price	QA	QB	QC	QD
$8	6	14	7	13
$7	5	12	6	11
$6	4	10	3	9
$5	3	8	4	7
$4	2	6	3	5
$3	1	4	2	3
$2	0	2	1	1

From the table shows at market price $7 quantity produce by each producer is

TypeA- 5

TypeB- 12

TypeC- 6

TypeD- 11

so

Total output by

Type A producres= 250 (50*5)

Type B producres= 720 (60*12)

Type C producres= 180 (30*6)

Type D producres= 220 (20*11)

Total output = 250+720+180+220

so

Total output is 1370

so option B is correct