Homework Answers
When the price of corn is fixed at $2 per bushel then the quantity demanded is 12 thousand bushels per week and the quantity supplied is 2 thousand bushels per week. So, the quantity demanded exceed the quantity supplied by 10 thousand bushels per week and there is excess demand in the economy. So, the sellers will quickly run out of corn that they bring in the market. Therefore, the correct answer is 'Option C'.
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Use the following diagram for the corn market to answer the question below. $5 A Price...
Question 1 Not yet answered Marked out of 1.00 P Flag question Price Quantity Refer to the diagram. A decr...
Question 1 Not yet answered Marked out of 1.00 P Flag question Price Quantity Refer to the diagram. A decrease in supply is depicted by a Select one a move from point x to point y b. shift from S2 to S1. c. move from point y to point x. d. Shift from S1 to S2. 9w0 NEX e When economists describe "a market," they mean Select one: a. a system that allows buyers and sellers to interact with one...
Refer to Table 2-1. The table contains information about the corn market. Use the table to answer the following questions.
Refer to Table 2-1. 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 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...
Question 15 0/5 pts If grower A supplies 2 bushels of corn at a price of...
Question 15 0/5 pts If grower A supplies 2 bushels of corn at a price of $3.25 per bushel, grower B supplies 4 bushels of corn at a price of $3.50 per bushel, grower C supplies 3 bushels of corn at a price of $3.25, and grower D supplies 5 bushels at $3.50, then the market supply curve for this market of four growers would have E none of the options 9 bushels at $3.50 and 5 bushels at $3.25...
ered Question 15 0/5 pts If grower A supplies 2 bushels of corn at a price...
ered Question 15 0/5 pts If grower A supplies 2 bushels of corn at a price of $3.25 per bushel, grower B supplies 4 bushels of corn at a price of $3.50 per bushel, grower C supplies 3 bushels of corn at a price of $3.25, and grower D supplies 5 bushels at $3.50, then the market supply curve for this market of four growers would have none of the options 9 bushels at $3.50 and 5 bushels at $3.25...
Refer to the diagram above, which shows three supply curves for corn. A movement from point...
Refer to the diagram above, which shows three supply curves for
corn. A movement from point a to point b is
caused by a change in the
1. price of resources used to produce corn.
2. number of corn farmers.
3. price of corn in the market.
4. technology of corn farming.
$5 S3 S, 3 2 0 2 4 6 8 10 12 14 16 18 20 Quantity Supplied (thousands of bushels per week)
Im not sure if A is right Use the figure below to answer the following question....
Im not sure if A is right
Use the figure below to answer the following question. Price (per pound) 0 2 4 6 8 10 12 14 16 18 20 Quantity Supplied (thousands of bushels per week) The diagram shows three supply curves for apples today. Which of the following would cause the current supply of apples to shift from Sy to S3? Multiple Choice expectations of higher apple prices in the future Ο expectations of lower apple prices in...
Question 3 20 pts 3) Corn is produced under perfectly competitive conditions. Corn farmers have U-shaped,...
Question 3 20 pts 3) Corn is produced under perfectly competitive conditions. Corn farmers have U-shaped, long-run average cost curves that reach a minimum average cost of $3 per bushel when 1000 bushels are produced. a.(10) If the market demand curve for corn is given byQp = 2,600,000 - 200,000P, in the long-run equilibrium what will be the price of corn, how much total corn will be demanded, and how many corn farms will there be? b.(10) Suppose demand increases...
Question 3 20 pts 3) Corn is produced under perfectly competitive conditions. Corn farmers have U-shaped,...
Question 3 20 pts 3) Corn is produced under perfectly competitive conditions. Corn farmers have U-shaped, long-run average cost curves that reach a minimum average cost of $3 per bushel when 1000 bushels are produced. a.(10) If the market demand curve for corn is given byQd = 2,600,000 – 200,000P, in the long- run equilibrium what will be the price of corn, how much total corn will be demanded, and how many corn farms will there be? b.(10) Suppose demand...
Use the following graph of the demand to answer the question below. $5 4 3 Price...
Use the following graph of the demand to answer the question below. $5 4 3 Price (per pound) N D2 *D 0 2 4 6 8 10 12 14 16 18 20 Quantity Demanded (thousands of pounds per week) Refer to the three demand curves for noodles. Which of the following would cause a shift in noodle demand from D, to D;? OA) an increase in the number of buyers B) People hear that eating noodles can have negative health...
3. In an isolated mountain village, the only crop is corn. Good harvests al ternate with...
3. In an isolated mountain village, the only crop is corn. Good harvests al ternate with bad harvests. This year the harvest will be 1,000 bushels. bushels. There is Corn can be stored from one year to the next, but rats will eat 25% of what is stored in a year. The villagers have Cobb-Douglas utility functions U(c1, C2) c1 c2, where C1 1s consumption this, and сг is consumption next year (a) Draw a "budget line," showing consumption possibilities...
Question 1 Not yet answered Marked out of 1.00 P Flag question Price Quantity Refer to the diagram. A decrease in supply is depicted by a Select one a move from point x to point y b. shift from S2 to S1. c. move from point y to point x. d. Shift from S1 to S2. 9w0 NEX e When economists describe "a market," they mean Select one: a. a system that allows buyers and sellers to interact with one...
Question 15 0/5 pts If grower A supplies 2 bushels of corn at a price of $3.25 per bushel, grower B supplies 4 bushels of corn at a price of $3.50 per bushel, grower C supplies 3 bushels of corn at a price of $3.25, and grower D supplies 5 bushels at $3.50, then the market supply curve for this market of four growers would have E none of the options 9 bushels at $3.50 and 5 bushels at $3.25...
ered Question 15 0/5 pts If grower A supplies 2 bushels of corn at a price of $3.25 per bushel, grower B supplies 4 bushels of corn at a price of $3.50 per bushel, grower C supplies 3 bushels of corn at a price of $3.25, and grower D supplies 5 bushels at $3.50, then the market supply curve for this market of four growers would have none of the options 9 bushels at $3.50 and 5 bushels at $3.25...
Refer to the diagram above, which shows three supply curves for
corn. A movement from point a to point b is
caused by a change in the
1. price of resources used to produce corn.
2. number of corn farmers.
3. price of corn in the market.
4. technology of corn farming.
$5 S3 S, 3 2 0 2 4 6 8 10 12 14 16 18 20 Quantity Supplied (thousands of bushels per week)
Im not sure if A is right
Use the figure below to answer the following question. Price (per pound) 0 2 4 6 8 10 12 14 16 18 20 Quantity Supplied (thousands of bushels per week) The diagram shows three supply curves for apples today. Which of the following would cause the current supply of apples to shift from Sy to S3? Multiple Choice expectations of higher apple prices in the future Ο expectations of lower apple prices in...
Question 3 20 pts 3) Corn is produced under perfectly competitive conditions. Corn farmers have U-shaped, long-run average cost curves that reach a minimum average cost of $3 per bushel when 1000 bushels are produced. a.(10) If the market demand curve for corn is given byQp = 2,600,000 - 200,000P, in the long-run equilibrium what will be the price of corn, how much total corn will be demanded, and how many corn farms will there be? b.(10) Suppose demand increases...
Question 3 20 pts 3) Corn is produced under perfectly competitive conditions. Corn farmers have U-shaped, long-run average cost curves that reach a minimum average cost of $3 per bushel when 1000 bushels are produced. a.(10) If the market demand curve for corn is given byQd = 2,600,000 – 200,000P, in the long- run equilibrium what will be the price of corn, how much total corn will be demanded, and how many corn farms will there be? b.(10) Suppose demand...
Use the following graph of the demand to answer the question below. $5 4 3 Price (per pound) N D2 *D 0 2 4 6 8 10 12 14 16 18 20 Quantity Demanded (thousands of pounds per week) Refer to the three demand curves for noodles. Which of the following would cause a shift in noodle demand from D, to D;? OA) an increase in the number of buyers B) People hear that eating noodles can have negative health...
3. In an isolated mountain village, the only crop is corn. Good harvests al ternate with bad harvests. This year the harvest will be 1,000 bushels. bushels. There is Corn can be stored from one year to the next, but rats will eat 25% of what is stored in a year. The villagers have Cobb-Douglas utility functions U(c1, C2) c1 c2, where C1 1s consumption this, and сг is consumption next year (a) Draw a "budget line," showing consumption possibilities...
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