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The Market for Soybeans Is Characterized by = 18

Question 27

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The market for soybeans is characterized by The market for soybeans is characterized by = 18 - P<sub>s</sub> and = P<sub>s</sub> - 0.5P<sub>c</sub>, where Q<sub>s</sub> is the quantity of soybeans in millions of bushels, P<sub>s</sub> is the price per bushel of soybeans, and P<sub>c</sub> is the price per bushel of corn. The market for corn is characterized by = 18 - P<sub>c</sub> and = P<sub>c</sub> <sub>-</sub> 0.5P<sub>s</sub>, where Q<sub>c</sub> is the quantity of corn in millions of bushels. Suppose the government strengthens the mandate for the use of corn-based ethanol, increasing the demand for corn by 6 million bushels at any given price. In general equilibrium, the equilibrium price of corn is _____, and the equilibrium quantity of soybeans is _____. A) $14; 4 million bushels B) $12.80; 5.2 million bushels C) $13.50; 7 million bushels D) $10.40; 8.6 million bushels = 18 - Ps and The market for soybeans is characterized by = 18 - P<sub>s</sub> and = P<sub>s</sub> - 0.5P<sub>c</sub>, where Q<sub>s</sub> is the quantity of soybeans in millions of bushels, P<sub>s</sub> is the price per bushel of soybeans, and P<sub>c</sub> is the price per bushel of corn. The market for corn is characterized by = 18 - P<sub>c</sub> and = P<sub>c</sub> <sub>-</sub> 0.5P<sub>s</sub>, where Q<sub>c</sub> is the quantity of corn in millions of bushels. Suppose the government strengthens the mandate for the use of corn-based ethanol, increasing the demand for corn by 6 million bushels at any given price. In general equilibrium, the equilibrium price of corn is _____, and the equilibrium quantity of soybeans is _____. A) $14; 4 million bushels B) $12.80; 5.2 million bushels C) $13.50; 7 million bushels D) $10.40; 8.6 million bushels
= Ps - 0.5Pc, where Qs is the quantity of soybeans in millions of bushels, Ps is the price per bushel of soybeans, and Pc is the price per bushel of corn. The market for corn is characterized by The market for soybeans is characterized by = 18 - P<sub>s</sub> and = P<sub>s</sub> - 0.5P<sub>c</sub>, where Q<sub>s</sub> is the quantity of soybeans in millions of bushels, P<sub>s</sub> is the price per bushel of soybeans, and P<sub>c</sub> is the price per bushel of corn. The market for corn is characterized by = 18 - P<sub>c</sub> and = P<sub>c</sub> <sub>-</sub> 0.5P<sub>s</sub>, where Q<sub>c</sub> is the quantity of corn in millions of bushels. Suppose the government strengthens the mandate for the use of corn-based ethanol, increasing the demand for corn by 6 million bushels at any given price. In general equilibrium, the equilibrium price of corn is _____, and the equilibrium quantity of soybeans is _____. A) $14; 4 million bushels B) $12.80; 5.2 million bushels C) $13.50; 7 million bushels D) $10.40; 8.6 million bushels
= 18 - Pc and The market for soybeans is characterized by = 18 - P<sub>s</sub> and = P<sub>s</sub> - 0.5P<sub>c</sub>, where Q<sub>s</sub> is the quantity of soybeans in millions of bushels, P<sub>s</sub> is the price per bushel of soybeans, and P<sub>c</sub> is the price per bushel of corn. The market for corn is characterized by = 18 - P<sub>c</sub> and = P<sub>c</sub> <sub>-</sub> 0.5P<sub>s</sub>, where Q<sub>c</sub> is the quantity of corn in millions of bushels. Suppose the government strengthens the mandate for the use of corn-based ethanol, increasing the demand for corn by 6 million bushels at any given price. In general equilibrium, the equilibrium price of corn is _____, and the equilibrium quantity of soybeans is _____. A) $14; 4 million bushels B) $12.80; 5.2 million bushels C) $13.50; 7 million bushels D) $10.40; 8.6 million bushels
= Pc - 0.5Ps, where Qc is the quantity of corn in millions of bushels. Suppose the government strengthens the mandate for the use of corn-based ethanol, increasing the demand for corn by 6 million bushels at any given price. In general equilibrium, the equilibrium price of corn is _____, and the equilibrium quantity of soybeans is _____.


A) $14; 4 million bushels
B) $12.80; 5.2 million bushels
C) $13.50; 7 million bushels
D) $10.40; 8.6 million bushels

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