At $0.34 per bushel, the daily supply for wheat is 470 bushels, and the daily demand...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
At $0.34 per bushel, the daily supply for wheat is 470 bushels, and the daily demand is 599 bushels. When the price is raised to $0.79 per bushel, the daily supply increases to 520 bushels, and the daily demand decreases to 149 bushels. Assume that the price-supply and price-demand equations are linear. a. Find the price-supply equation. p= (Type an expression using q as the variable. Round to three decimal places as needed.) b. Find the price-demand equation. p= (Type an expression using q as the variable. Round to three decimal places as needed.) c. Find the equilibrium price and equilibrium quantity. price $ quantity = (Round to the nearest cent as needed.) (Round to the nearest bushel as needed.) bushels d. Graph the two equations in the same coordinate system and identify the equilibrium point E, supply curve S, and demand curve D. Select the correct graph below. OA. AP 1.24 OB. 1.2 AP e OC. 1.24 OD. None of the above. At $0.34 per bushel, the daily supply for wheat is 470 bushels, and the daily demand is 599 bushels. When the price is raised to $0.79 per bushel, the daily supply increases to 520 bushels, and the daily demand decreases to 149 bushels. Assume that the price-supply and price-demand equations are linear. a. Find the price-supply equation. p= (Type an expression using q as the variable. Round to three decimal places as needed.) b. Find the price-demand equation. p= (Type an expression using q as the variable. Round to three decimal places as needed.) c. Find the equilibrium price and equilibrium quantity. price $ quantity = (Round to the nearest cent as needed.) (Round to the nearest bushel as needed.) bushels d. Graph the two equations in the same coordinate system and identify the equilibrium point E, supply curve S, and demand curve D. Select the correct graph below. OA. AP 1.24 OB. 1.2 AP e OC. 1.24 OD. None of the above.
Expert Answer:
Answer rating: 100% (QA)
At p034 At p079 bl supply 9470 supply 9520 Price su... View the full answer
Related Book For
College Mathematics for Business Economics Life Sciences and Social Sciences
ISBN: 978-0321614001
12th edition
Authors: Raymond A. Barnett, Michael R. Ziegler, Karl E. Byleen
Posted Date:
Students also viewed these finance questions
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
Restaurants have traditionally used bottom-end wines to sell by the glass (BTG) at reasonably low prices per glass. In recent years, there has been a growing trend within the restaurant industry to...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
- The first stream is $450 per year for 9 years and begins 5 years from today - The second stream begins 7 years from today with the first cash flow being $400, and with each successive cash flow...
-
The Waygate Corporation makes five different types of metal casing for personal computers. The company is in the process of replacing its machinery with three different new models of metal stamping...
-
Harwell Company manufactures automobile tires. On July 15, 2011, the company sold 1,000 tires to the Nixon Car Company for $50 each. The terms of the sale were 2/10, n/30. Harwell uses the net method...
-
Break financial statement fraud schemes into 10 types.
-
The Canine Gourmet Company produces delicious dog treats for canines with discriminating tastes. Management wants the box filling Line to be set so that the process average weight per packet is 45...
-
You have just purchased an investment that generates the following cash flows for the next four years. You are able to reinvest these cash flows at 7.4 percent, compounded annually. End of year 1. ...
-
Your firm is considering a new three-year project. You know that the unlevered cost of equity for firms with a similar risk as your target is 8%. At the end of the project, all available funds are...
-
Please draw the fishbone diagram and Pareto diagram for the situation below. (50/100pts) Situation: when they ship out tires from their warehouses, they have shipping discrepancy such as tire...
-
Find the measure of each angle k h g|| e P b a 54
-
Consider the function f = 31-x-y - z I. Write down the FOC [1.5 marks] II. Using the FOCs show that the solution to the optimization problem exists, note this question is not asking that you work out...
-
How do external factors such as market dynamics, regulatory changes, and economic conditions impact organizational effectiveness, and what strategies can organizations use to navigate these...
-
Networking and Collaboration With Other Industry Segments ANSWER THE FOLLOWING QUESTIONS: 1. Hotels collaborate with a variety of companies. Choose a hotel in California that is connected to various...
-
Set up an integral to find the volume of the solid generated when the region bounded by y = the x-axis and the line x = 1, is 2+11 (a) (7 points) Rotated about the x-axis using shells. (b) (7 points)...
-
5 10 points eBook Hint Print References "I know headquarters wants us to add that new product line," said Dell Havasi, manager of Billings Company's Office Products Division. "But I want to see the...
-
What are the key dimensions of critical thinking 2. Watch the NBC Learn video on Diet Scams. What types of claims are made in this video Are they valid Elaborate on your responses. Discuss this video...
-
A zero coupon bond with a face value of $20,000 matures in 10 years. What should the bond be sold for now if its rate of return is to be 4.194% compounded annually? Refer to zero coupon bonds. A zero...
-
In problem graph of the functions using the graph of functions f and g below y = -g(x) Ax) 8 g(ax)
-
In Problem, given the transition matrix P and initial - state matrix S0, find P4 to find S4. A B A.8 B 3 7
-
A plant asset purchased by Krest Inc. for \(\$ 100,000\) late in 2018 is to be depreciated as follows. In 2020 , taxable income was \(\$ 450,000\) and the tax rate is \(25 \%\). Future enacted tax...
-
The Billboard Company has a deferred tax liability in the amount of \(\$ 14,000\) at December 31, 2020, relating to a \(\$ 40,000\) installment sale receivable, \(\$ 20,000\) of which is collected in...
-
Aim Inc. had the following activity for the years 2020-2022. - Prepaid maintenance contract: \(\$ 30,000\) on January 1,2020 , for a three-year period beginning January 1 , 2020. - Deferred revenue:...
Study smarter with the SolutionInn App