Essay
Table 3-3
-Refer to Table 3-3.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 bushel.Is there a shortage or a surplus in the market?
c.What is the quantity of the shortage or surplus?
d.How many bushels will be sold if the market price is $9 per bushel?
e.If the market price is $9 per bushel,what must happen to restore equilibrium in the market?
f.At what price will suppliers be able to sell 22,000 bushels of corn?
g.Suppose the market price is $21 per bushel.Is there a shortage or a surplus in the market?
h.What is the quantity of the shortage or surplus?
i.How many bushels will be sold if the market price is $21 per bushel?
j.If the market price is $21 per bushel,what must happen to restore equilibrium in the market?
Correct Answer:
Verified
a.Equilibrium price = $15; Equilibrium q...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q35: The law of demand implies, holding everything
Q98: Explain the difference between a normal good
Q100: Technological advances have resulted in lower prices
Q144: How does the decreasing use of traditional
Q150: In October, market analysts predict that the
Q172: What are the five variables that will
Q180: Assume that the price for swimming pool
Q205: The supply curve for watches<br>A)shows the supply
Q206: Holding everything else constant, an increase in
Q218: If, in response to an increase in