1. For a particular week in June, three families - Smith, Jones and Brown - have II demand schedule...

Question

1. For a particular week in June, three families - Smith, Jones and Brown - have II demand schedule for strawberries shown below. Assuming these three families comp' whole market. calculate the market demand for strawberries and plot it on a graph. On same graph plot the supply function using the data in column A. What are the equilibrium, price and equilibrium quantity?
Price per carton Quantity demanded Jones Brown Market demand Supply (normal weather) Column A Supply (bumper crop) Column B Smith XXXXXXXXXX3 5 4 ? XXXXXXXXXX ? XXXXXXXXXXa 3 ? XXXXXXXXXX
Now suppose that favourable vdeather conditions produce a bumper crop. Growers will be willing to sell more at each of the old prices. This causes a shift of the whole supply function. Plot this new supply function from the data in column B. What are the new equilibrium price and quantity?

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Robert · Accepted Answer

Price
	Qty dd
	Mkt dd
	Ss(normal weather)
	Ss (bumper crop)
	
	Smith
	Jones
	Brown
	
	A
	B
	35
	3
	5
	5
	13
	8
	11
	40
	3
	5
	4
	12
	9
	12
	45
	2
	4
	4
	10
	10
	13
	50
	1
	4
	3
	8
	15
	18
	55
	0
	3
	2
	5
	20
	23
The blue line is the market demand curve;

1. For a particular week in June, three families - Smith, Jones and Brown - have II demand schedule for strawberries shown below. Assuming these three families comp' whole market. calculate the market...

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