The supply curves of two firms 1 and 2 are given below- q1-3p-5- plgeq 5 q 2-6 p-1- - p geq 2 Choose the correct options about the market supply- All prices are in rupees-

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Market Supply Curve

The supply cu...

Question

The supply curves of two firms 1 and 2 are given below.

$q_{1} = 3 p - 5, p \geq 5 q_{2} = 6 p - 1, p \geq 2$

Choose the correct option(s) about the market supply. All prices are in rupees.

Market supply is 48 at a price of Rs 6

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Market supply is 13 at a price of Rs 6

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Market supply is 23 at a price of Rs 4

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Market supply is 30 at a price of Rs 4

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Solution

The correct options are
A
Market supply is 48 at a price of Rs 6

C
Market supply is 23 at a price of Rs 4

Let q be the market supply.

$p < 2 \Rightarrow q = 0 2 \leq p < 5 \Rightarrow q = q_{1} = 6 p - 1 p \geq 5 \Rightarrow q = q_{1} + q_{2} = 9 p - 6$

$H e n c e, p = 6 \Rightarrow q = 9 \times 6 - 6 = 48 p = 4 \Rightarrow q = 6 \times 4 - 1 = 23$

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The supply curves of two firms 1 and 2 are given below. q1=3p−5, p≥5q2=6p−1, p≥2 Choose the correct option(s) about the market supply. All prices are in rupees.

The correct options are A Market supply is 48 at a price of Rs 6 C Market supply is 23 at a price of Rs 4 Let q be the market supply. p<2⇒q=02≤p<5⇒q=q1=6p−1p≥5⇒q=q1+q2=9p−6 Hence, p=6⇒q=9×6−6=48p=4⇒q=6×4−1=23

The supply curves of two firms 1 and 2 are given below.

$q_{1} = 3 p - 5, p \geq 5 q_{2} = 6 p - 1, p \geq 2$

Choose the correct option(s) about the market supply. All prices are in rupees.