Question

1. individual and market supply

suppose that felix and janet are the only suppliers of collectible action figures in a particular market. the following table shows their annual supply schedules:

price (dollars per action figure)	felixs quantity supplied (action figures)	janets quantity supplied (action figures)
4	8	14
6	12	18
8	14	20
10	16	22

on the following graph, plot felixs supply of collectible action figures using the green points (triangle symbol). next, plot janets supply of collectible action figures using the purple points (diamond symbol). finally, plot the market supply of collectible action figures using the orange points (square symbol).
now, suppose that janet moves away, leaving felix as the only producer in the market. as a result, there will be a the market supply curve because there will be a change in quantity supplied

Explanation:

Step1: Plot Felix's supply

For Felix, when price = 2, quantity supplied = 0; when price = 4, quantity supplied = 8; when price = 6, quantity supplied = 12; when price = 8, quantity supplied = 14; when price = 10, quantity supplied = 16. Plot these (price - quantity) points as green - triangle points on the graph.

Step2: Plot Janet's supply

For Janet, when price = 2, quantity supplied = 8; when price = 4, quantity supplied = 14; when price = 6, quantity supplied = 18; when price = 8, quantity supplied = 20; when price = 10, quantity supplied = 22. Plot these (price - quantity) points as purple - diamond points on the graph.

Step3: Calculate and plot market supply

Market supply at each price is the sum of Felix's and Janet's quantity supplied.
When price = 2, market quantity supplied = 0 + 8=8; when price = 4, market quantity supplied = 8 + 14 = 22; when price = 6, market quantity supplied = 12+18 = 30; when price = 8, market quantity supplied = 14 + 20=34; when price = 10, market quantity supplied = 16+22 = 38. Plot these (price - quantity) points as orange - square points on the graph.

Step4: Analyze the change in supply curve

When Janet moves away, there is a left - ward shift in the market supply curve because the number of producers decreases, and at each price level, the total quantity supplied in the market is lower. The change is due to a non - price factor (the exit of a producer).

Answer:

Left - ward shift; due to a non - price factor (exit of a producer)