Suppose the market for organically grown wheat is modeled through the following market supply and demand functions:
Question:
Suppose the market for organically grown wheat is modeled through the following market supply and demand functions:
P = 10 + 0.5QS and P = 22 ‒ 2.5QD,
where QS and QD are in millions of bushels, and P is price per bushel.
a. Find the market equilibrium price, PE, and market equilibrium quantity, QE.
b. Now determine the value of producer surplus and consumer surplus at equilibrium.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 78% (14 reviews)
a Market equilibrium arises where Q S equalsQ D or where Q E 4 million bush...View the full answer
Answered By
Aysha Ali
my name is ayesha ali. i have done my matriculation in science topics with a+ . then i got admission in the field of computer science and technology in punjab college, lahore. i have passed my final examination of college with a+ also. after that, i got admission in the biggest university of pakistan which is university of the punjab. i am studying business and information technology in my university. i always stand first in my class. i am very brilliant client. my experts always appreciate my work. my projects are very popular in my university because i always complete my work with extreme devotion. i have a great knowledge about all major science topics. science topics always remain my favorite topics. i am also a home expert. i teach many clients at my home ranging from pre-school level to university level. my clients always show excellent result. i am expert in writing essays, reports, speeches, researches and all type of projects. i also have a vast knowledge about business, marketing, cost accounting and finance. i am also expert in making presentations on powerpoint and microsoft word. if you need any sort of help in any topic, please dont hesitate to consult with me. i will provide you the best work at a very reasonable price. i am quality oriented and i have 5 year experience in the following field.
matriculation in science topics; inter in computer science; bachelors in business and information technology
_embed src=http://www.clocklink.com/clocks/0018-orange.swf?timezone=usa_albany& width=200 height=200 wmode=transparent type=application/x-shockwave-flash_
4.40+
11+ Reviews
14+ Question Solved
Related Book For
Environmental Economics and Management Theory, Policy and Applications
ISBN: 978-1111826673
6th edition
Authors: Scott J. Callan, Janet M. Thomas
Question Posted:
Students also viewed these Business questions
-
Suppose the market for holiday candles was described Draw the demand and supply curves and identify the equilibrium price. What effect would a 1,000-unit decrease in demand at every price level have...
-
Suppose the market for bottled water and the market for soft drinks both have large numbers of buyers and sellers. Which of these markets is likely to be more competitive?
-
Suppose the market for steel and the market for cars both have large numbers of buyers and sellers. Which market is likely to be affected by information asymmetries?
-
Use the Chain Rule to calculate the partial derivatives. Express the answer in terms of the independent variables. OF -; F(u, v) = eu+v, u = x, v = xy
-
According to a news story, Pennsylvania's liquor tax is "paid by the seller-the restaurant or bar owner-when the seller buys liquor from state-run wine and spirit stores." Briefly explain the effect...
-
During a recent season, pitcher Clayton Kershaw threw 2515 pitches. Of these, 1303 were fastballs, 12 were changeups, 385 were curveballs, and 815 were sliders. a. What is the probability that...
-
What are the advantages and disadvantages between arbitration and litigation?
-
(a) Use vector components to prove that two vectors commute for both addition and the scalar product. (b) Prove that two vectors anticommute for the vector product; that is, prove that A x B= -B x A.
-
The weekly output of a fabrication process is shown below, together with data for labor and material inputs. Overhead is charged weekly at the rate of $1,500 plus 0.5 times direct labor cost. Assume...
-
1. Discuss e-commerce risks for revenue and expense cycles and the internal controls required to mitigate these risks? 2. Discuss how audit command language (ACL) can be applied to test these...
-
Reconsider the problem of loss of U.S. wetlands and the implications for biological diversity. Briefly contrast how a command-and-control policy approach to this problem would differ in intent and...
-
a. Describe a real-world government policy that creates a market surplus. Be sure to carefully define the relevant market. b. Explain the efficiency implications of such a policy. Be specific. c. In...
-
Calculate the after-tax WACC for a firm with a 25 percent tax rate, a 10 percent cost of debt, a 30 percent cost of equity, and a target debt to value of 0.30. Explain how investing to provide the...
-
Robert is planning to open his own residential building design business. What nontax factors should Robert consider as he chooses his business entity? Discuss and explain whether the nontax factors...
-
How might the principles of Continuous Improvement, rooted in the ethos of empirical inquiry and relentless introspection, serve as a catalyst for the cultivation of a learning organization paradigm,...
-
Could you elucidate the symbiotic relationship between Continuous Improvement initiatives and the cultivation of a culture of innovation, wherein incremental advancements coalesce to catalyze...
-
Develop the final marketing plan using the data collected. 1. Company background 2. Executive Summary 3. Situation analysis 4. SWOT Analysis 5. Marketing goals and objectives
-
2. What are three risks for not testing the effectiveness of your digital marketing campaign? 3. Name a company that failed to use pre or post tests in their digital marketing campaign and it failed?
-
Evaluate the following limits using lHpitals Rule et 1 lim >0 * +
-
Write a function that reads a Float24_t value: Float24_t float24_read(void) A legitimate float24 value string is of the form: "mantissabexponent" where the mantissa (m) and the exponent (e) may have...
-
What effect will each of the following have on the demand for small automobiles such as the Mini Cooper and Smart car? a. Small automobiles become more fashionable. b. The price of large automobiles...
-
Explain the law of supply. Why does the supply curve slope upward? How is the market supply curve derived from the supply curves of individual producers?
-
What are the determinants of supply? What happens to the supply curve when any of these determinants changes? Distinguish between a change in supply and a change in the quantity supplied, noting the...
-
The market risk premium is 16%, Treasury bills are yielding 1.9%, and Schiano Corp has a beta of 2.39, what is the required return for Schiano Corp? (Enter your response as a percentage with two...
-
1. What is the organ in the body that weighs just as much as the brain and is in some ways just as important to who we are? 2. What are some of the functions microbes perform in the body? 3. What...
-
In an engine, a piston oscillates with simple harmonic motion so that its position varies according to the expression x ( t ) = 15.0 cos( 20.0 t ) where x is in centimeters and t is in seconds. (a)...
Study smarter with the SolutionInn App