Principles of Microeconomics|ECON 1150|Kwantlen Polytechnic University
A small town produces good quality maize. Let us consider a market for the maize produced here. The farmers in this town distribute and sell their produce to three retail stores in the nearby city: Company A, Company B and Company C. • The market supply for maize is given as Qs = 14 000 + 17.5p. • The demand curves for maize by Companies A, B and C are respectively: Qd = 40 000 – 12.5p; Qd = 30 000 – 5p; and Qd = 20 000 – 3p. Make use of a graph to illustrate the market demand and market supply for maize on the same set of axes.