Understanding Spice King Burgers' Supply Curve for Burgers
Explanation:
The quantity of burgers Spice King Burgers is willing to supply at a market price of $3.50 per burger would be determined by their supply curve, which represents the relationship between the price of a good and the amount of that good that a seller is willing to supply. Without the specific details of the Spice King Burgers' supply curve, it is not possible to provide the exact quantity. A supply curve generally inclines upward, indicating that higher prices usually motivate producers to produce more since potential profits are higher.
As an example scenario, let's consider the market for salmon. The demand and supply model for this market shows that the original equilibrium price is $3.25 per pound, and the original equilibrium quantity is 250,000 fish. This means that if the price per pound rose to $3.50, the supplier would be willing to supply more than 250,000 fish because the price increase would make production more profitable. A similar principle would apply to the supply of burgers by Spice King Burgers with a price change from $3.25 to $3.50.
However, to give a precise number, one would need more specific information about their supply curve.