Consider the following demand and supply schedules for some ...

[Ethanolson3]

Question 1

Consider the following demand and supply schedules for some agricultural commodity.

Price	Quantity Supplied	Quantity Demanded
$10	300	1100
$30	500	900
$50	700	700
$70	900	500
$90	1100	300
$110	1300	100

TABLE 5-2

Refer to Table 5-2. Total farmers' revenue under the free-market equilibrium is
◦ $63 000.
◦ $15 000.
◦ $3000.
◦ $75 000.
◦ $35 000.

Question 2

Consider the following demand and supply schedules for some agricultural commodity.

Price	Quantity Supplied	Quantity Demanded
$10	300	1100
$30	500	900
$50	700	700
$70	900	500
$90	1100	300
$110	1300	100

TABLE 5-2

Refer to Table 5-2. Consider the market-clearing equilibrium. If the government then imposes a production quota of 500 units, the price of this commodity will ________ relative to the free-market equilibrium price.
◦ rise by $20
◦ rise by $40
◦ fall by $20
◦ fall by $40
◦ remain unchanged

[lhn821]

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[Ethanolson3]

Gracias!

[Dnite]

Thanks for the timely response, appreciate it