What is the equilibrium price and quantity of sorghum

Assignment Help Econometrics

Reference no: EM13236256

Price per bushel Quantity Demanded (bushels) Quantity Supplied (bushels)
$2 40,000 0
4 36,000 4,000
6 30,000 8,000
8 24,000 16,000
10 20,000 20,000
12 18,000 28,000
14 12,000 36,000
16 6,000 40,000

A/What is the equilibrium price and quantity of sorghum?

b/ Suppose the prevailing price is $6 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 $6 per bushel?

E/If the market price is $6 per bushel, what must happen to restore equilibrium in the market?

f. /At what price will suppliers be able to sell 36,000 bushels of sorghum?

G/Suppose the market price is $14 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 $14 per bushel?

j. /If the market price is $14 per bushel, what must happen to restore equilibrium in the market?

Reference no: EM13236256

Questions Cloud

State the complete ionic equation for the reaction : A buffer is prepared by adding 9.00 g of ammonium chloride (NH4Cl) to 260 mL of 1.00 M NH3 solution. Write the complete ionic equation for the reaction that occurs when a few drops of nitric acid are added to the buffer.

Will continuous improvement take a company at the bottom : Continuous improvement recognizes that many small improvements and up to sizable benefits. Will continuous improvement take a company at the bottom of an industry to the top? Explain.

Why a business should understand the constituent parts : Why a business should understand the constituent parts of their demand chain A description of how a demand chain is created A description of how a demand chain can be beneficially used An example of a demand chain Choose a Fortune 500 company and ..

Compute standard heat of combustion in kilojoules : Calculate its standard heat of combustion in kilojoules C5H12O with a Delta H of -313.6 kJ/mol

What is the equilibrium price and quantity of sorghum : If the market price is $6 per bushel, what must happen to restore equilibrium in the market. Suppose the market price is $14 per bushel. Is there a shortage or a surplus in the market.

Probability that the plane will still land safely : If only one spark plug fails, the plane will shake and not climb higher, but it can be landed safely. What is the probability that this happens? Calculate using the appropriate formula.

What is its speed after 21 s : Initially stationary (the train starts at rest), a train has a constant acceleration of 0.6 m/s2, What is its speed after 21 s

How samsung could benefit from the intensive strategies : describe in detail how Samsung could benefit from the intensive strategies it has not implemented. Include at least one advantage and one disadvantages of each strategy.

Explicate how samsung was either helped or harmed : Explicate how Samsung was either helped or harmed by the intensive strategy it chose. Identify at least one way this strategy could have been improved.

User Account

All Pages