Use the table below to answer the following questions.
Table 6.4.1
-Refer to Table 6.4.1.The table shows the demand and supply schedules for rice.With a production quota of 2,000 boxes a week,the price of a box of rice is ________,the marginal cost of producing rice is ________ a box,and the quantity of rice produced is ________ boxes a week.
A)$1.30;$1.60;2,000
B)$1.60;$1.30;2,000
C)$1.40;$1.40;2,500
D)$1.40;$1.40;2,000
E)$1.60;$1.30;2,500

Question

Use the table below to answer the following questions.
Table 6.4.1 
-Refer to Table 6.4.1.The table shows the demand and supply schedules for rice.With a production quota of 2,000 boxes a week,the price of a box of rice is ________,the marginal cost of producing rice is ________ a box,and the quantity of rice produced is ________ boxes a week.
A)$1.30;$1.60;2,000 
B)$1.60;$1.30;2,000 
C)$1.40;$1.40;2,500 
D)$1.40;$1.40;2,000 
E)$1.60;$1.30;2,500

Quizplus · Accepted Answer

Using the table, when the production quota is 2,000 boxes a week, the quantity supplied is also 2,000 boxes a week. At this quantity, the price is $1.60 per box (where quantity demanded equals quantity supplied). The marginal cost of producing rice is $1.30 per box (found in the total cost column when 2,000 boxes are produced). Therefore, the answer is B, with a price of $1.60, a marginal cost of $1.30, and a quantity of 2,000 boxes produced.

Use the Table Below to Answer the Following Questions