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The following table shows the supply schedule of wheat for three farmers in the economy. Assume that ...

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The following table shows the supply schedule of wheat for three farmers in the economy. Assume that ...

The following table shows the supply schedule of wheat for three farmers in the economy. Assume that these three farmers constitute the entire market.

Price ($ per bushel)	Farmer 1 Quantity Supplied (bushels)	Farmer 2 Quantity Supplied (bushels)	Farmer 3 Quantity Supplied (bushels)
$10	8	17	30
$8	6	14	28
$6	4	11	24
$4	2	8	18
$2	0	5	8
$0	0	0	0

How much will the quantity supplied change if the price rises from $8 to $10 per bushel?

▸ Quantity supplied will increase by 7.

▸ Quantity supplied will decrease by 55.

▸ Quantity supplied will increase by 55.

▸ Quantity supplied will decrease by 7.

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

Read 97 times

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