the following table indicates the supply schedules for four types of producers, a, b, c, and d and the…

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 $7?\nnumber of producers\na = 50 b = 60 c = 30 d = 20\nmarket price qa qb qc qd\n$8 6 14 7 13\n7 5 12 6 11\n6 4 10 3 9\n5 3 8 4 7\n4 2 6 3 5\n3 1 4 2 3\n2 0 2 1 1\na. 9,590 b. 34 c. 1,370 d. 1,360

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 $7?\nnumber of producers\na = 50 b = 60 c = 30 d = 20\nmarket price qa qb qc qd\n$8 6 14 7 13\n7 5 12 6 11\n6 4 10 3 9\n5 3 8 4 7\n4 2 6 3 5\n3 1 4 2 3\n2 0 2 1 1\na. 9,590 b. 34 c. 1,370 d. 1,360

Answer

Explanation:

Step1: Find quantity supplied by A at $7

Number of A producers is 50 and quantity supplied per A - producer at $7 is 5. So total quantity supplied by A is $50\times5 = 250$.

Step2: Find quantity supplied by B at $7

Number of B producers is 60 and quantity supplied per B - producer at $7 is 12. So total quantity supplied by B is $60\times12=720$.

Step3: Find quantity supplied by C at $7

Number of C producers is 30 and quantity supplied per C - producer at $7 is 6. So total quantity supplied by C is $30\times6 = 180$.

Step4: Find quantity supplied by D at $7

Number of D producers is 20 and quantity supplied per D - producer at $7 is 11. So total quantity supplied by D is $20\times11=220$.

Step5: Calculate combined quantity supplied

Add up the quantities supplied by each group: $250 + 720+180 + 220=1370$.

Answer:

C. 1,370