Table 3.1 -Refer to Table 3.1. the Table Contains Information About the Contains

Essay

Table 3.1

-Refer to Table 3.1. The table contains information about the corn market. Use the table to answer the following questions.
a.What are the equilibrium price and quantity of corn?
b.Suppose the prevailing price is $9 per kilogram. Is there a shortage or a surplus in the market?
c.What is the quantity of the shortage or surplus?
d.How many kilograms will be sold if the market price is $9 per kilogram?
e.If the market price is $9 per kilogram, what must happen to restore equilibrium in the market?
f.At what price will suppliers be able to sell 22 000 kilograms of corn?
g.Suppose the market price is $21 per kilogram. Is there a shortage or a surplus in the market?
h.What is the quantity of the shortage or surplus?
i.How many kilograms will be sold if the market price is $21 per kilogram?
j.If the market price is $21 per kilogram, what must happen to restore equilibrium in the market?
_____________________________________________________________________________________________
_____________________________________________________________________________________________