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Author Question: Consider the following demand and supply schedules for some agricultural commodity.PriceQuantity ... (Read 84 times)

Ethanolson3

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on: Oct 12, 2022

Question 1

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

PriceQuantity SuppliedQuantity 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.

PriceQuantity SuppliedQuantity 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
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by Ethanolson3 on Oct 12, 2022

lhn821

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Reply #1 on: Oct 12, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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Ethanolson3

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Reply 2 on: Oct 12, 2022
YES! Correct, THANKS for helping me on my review

mcarey591

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Reply 3 on: Yesterday
Excellent

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