Answer to Question #148132 in Microeconomics for king

Question

Consider the following supply schedules for Kelby, Jack, and Kate, who are the only suppliers in the market for Good Y:


Kelby Jack Kate
Price Units Produced
$5 12 8 4
$4 11 6 3
$3 9 4 2
$2 5 2 1
$1 2 1 0


If the market sees 15 units of Good Y exchanged, what is the likeliest price in the market?

Answer 1

If the market sees 15 units of Good Y exchanged, then the likeliest price in the market is such for which Qd = Qs.

It is possible, if P = $3, because 9 + 4 + 2 = 15.