What will the new equilibrium price and quantity be

Assignment Help Econometrics

Reference no: EM13224580

Assume the market for Florida oranges is in equilibrium.

Demand is represented by Qd = 60 - 2P

Supply is represented by Qs = 10 + 3P

where the quantity is in thousands of pounds.

If a hurricane strikes Florida, and destroys 20 thousand pounds of oranges, what will the new equilibrium price and quantity be?

Reference no: EM13224580

Questions Cloud

How does the deming prize compare to the baldrige award : How does the Deming Prize compare to the Baldrige Award? What are the differences and similarities between the Deming Prize and the Baldrige Award?

How the higher-cost growers be driven out of business : In 2009, the voters of Oakland, California, passed a measure to tax medical cannabis (marijuana), effectively legalizing it. In 2010, the City Council adopted regulatiuons permitting industrial-scale marijuana farms with no size limits but requiri..

Survey of recent college graduates : A 2003 survey of recent college graduates in the United Kingdom found that although many had not found their first jobs, most were already planning "career breaks" and to keep up their hobbies and interests outside work. As one report of the find..

State the structure of a compound : draw the structure of a compound C5H8O that reacts with 2,4-dinitrophenylhydrazine, decolorizes bromine in dichloromethane, but does not give a positive iodoform test.

What will the new equilibrium price and quantity be : Assume the market for Florida oranges is in equilibrium. Demand is represented by Qd = 60 - 2P Supply is represented by Qs = 10 + 3P where the quantity is in thousands of pounds.

Define a voltaic cell is constructed by immersing a strip : A voltaic cell is constructed by immersing a strip of silver in a 1.0M AgNO3 solution and a strip of cadmiun metal in a 1.0M Cd(NO3)2 solution. The circuit is completed by a wire and a salt bridge in the usual way. What would be the potential of t..

Wants to estimate the yield in terms of bushels per acre : A farmer planted a field of Bt123 corn and wants to estimate the yield in terms of bushels per acre. He counts 22 ears in 1/1000 of an acre. He determines that each ear has about 700 kernals on average.

What can be done to rectify the failures : What different mechanisms are available to the federal government to change aggregate demand Why is a market economy susceptible to coordination failures that can lead to unemployment and inflation

Native americans were sioux leaders-the bessemer process : All the following Native Americans were Sioux leaders except-The last major conflict between the U.S army and Native Americans took place at-Farmers on the Great Plains were aided by- The Bessemer process improved the manufacture of

User Account

All Pages