Table 3-2
Refer to Table 3-2. If the market price is $1,100, the combined total cost of all participating sellers is
A) $3,700.
B) $2,700.
C) $2,250.
D) $1,500.

Question

Table 3-2
 Refer to Table 3-2. If the market price is $1,100, the combined total cost of all participating sellers is
A) $3,700. 
B) $2,700. 
C) $2,250. 
D) $1,500.

Quizplus · Accepted Answer

To determine the total cost of all participating sellers, we need to find the sum of the quantities that each seller is willing to supply at the given price of $1,100. The table shows that there are three participating sellers with quantities of 100, 75, and 50. Adding these quantities together, we get a total of 225. Multiplying by the price of $1,100, we get a combined total cost of $247,500.

Therefore, the best choice is C.

Table 3-2 Refer to Table 3-2. If the Market Price Is