Imagine that the market supply of peaches comes from Georgia (GA) and South Carolina (SC). The supply schedule below shows the quantity of peaches supplied in each state at each price.

Individual and Market Supply of Purchases
Quantity of Quantity of Quantity of
Purchases Supplied Purchases Supplied Purchases Supplied
Price QA SC Market
(dollars per period)
10 20,000 16,000
8 10,000 15,000
6 12,000 12,000
4 8,000 9,000
2 4,000 6,000

(a) Complete the column labeled "Market".
(b) The quantity of peaches supplied to the market at a price of $6 per pound is

Answer is given below.

Explanation:

A)

The complete table with formula is below:

Individual and Market Supply of Peaches

Price                                   Quantity of Peaches Supplied (pounds)

(dollars per pound)

                                            GA                         SC               MarkePGA+SC

10                                    20,000                    18000                  38,000

8                                    16,000                             15,000                31,000

6                                    12,000                            12000                  24,000

4                                          8000                            9000                17,000

2                                          4000                       6000              10,000

When Price = $6, quantity of peaches supplied to the market = 24,000 pounds (or 12.000±12.000

pounds)

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