Table 4-10
The following table shows the number of cases of water each seller is willing to sell at the prices listed.

-Refer to Table 4-10. If the four suppliers listed are the only suppliers in this market and the market demand schedule is: the equilibrium price and quantity are

Question

Table 4-10
The following table shows the number of cases of water each seller is willing to sell at the prices listed.
 
-Refer to Table 4-10. If the four suppliers listed are the only suppliers in this market and the market demand schedule is:  the equilibrium price and quantity are

Quizplus · Accepted Answer

To find the equilibrium price and quantity, we need to look for the point where the market demand curve intersects with the market supply curve. From the table, we can see that at a price of $6.00, the total quantity supplied is 600 cases (200 + 200 + 100 + 100) which is equal to the market demand of 600 cases. Therefore, the equilibrium price and quantity are $6.00 and 600 cases respectively.

Table 4-10 The Following Table Shows the Number of Cases of Water