Question: Hi I solved this question by mathematically and did the calculation but I need to interpret and explain: . The U.S. Department of Agriculture (USDA)

Hi I solved this question by mathematically and did the calculation but I need to interpret and explain:

. The U.S. Department of Agriculture (USDA) is interested in analyzing the domestic market for corn. The USDA's staff economists estimate the following equations for the demand and supply curves: Qd = 1,600 - 125P Qs = 440 + 165P Quantities are measured in millions of bushels; prices are measured in dollars per bushel.

. Calculate and interpret the price elasticises of supply and demand at the equilibrium values.

Answer- For the own price Elasticity of Demand E= -125 4/1100= -0.45

For the own price Elasticity of Supply= 165 4/1100= 0.60

Explainantion and interpretation is required by relating to the question:

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Boxes of various masses are on a frictionless, level table. 1) Rank these boxes according to the net force acting on them from greatest to least 2) Rank the boxes according to their accelerations,...

Files 12:56 PM Mon May 16 25% Unit+2+workbook Q . . . Home Insert Draw Layout Review View Calibri Bold (Body) 36 B I U aAv A v Unit 2-Supply and Demand Name: HR: LAW OF SUPPLY Use the space below to...

Study Guide Healthcare Statistics By Jacqueline K. Wilson, RHIA About the Author Jacqueline K. Wilson is a Registered Health Information Administrator (RHIA) who has more than ten years of experience...

Students will review examples and evaluate them. Review these documents and evaluate them (click on the link): https://1drv.ms/w/s!AoYu6G3CLyuakjVCGipkRkNSBVUB?e=jrPXX6...

make short synopsis of the reading (CP9) and a relevant question you still have about the topic after doing the reading. INl'Ronucl'loN WHAT STICKS? friend ofa friend of ours is a frequent business...

Confirming Pages C H A P T E R 19 Analyzing Information and Writing Reports Chapter Outline Using Your Time Efficiently Analyzing Data and Information for Reports Identifying the Source of the Data...

Find attached Ingredients: Water, MCC, Salt, Nicotine, pH regulator, sweeteners and flavours I am wondering why the decision to go with LYFT. I understand migrating to LYFT would be easier from sells...

8:27 Tue, Jul 23 2 0. OK S. 649% Expanding the Net Present Value Method LO2 . Know CCB: Prepare an NPV analysis of two competing projects using either the total cost approach or the incremental cost...

\fThis is an electronic version of the print textbook. Due to electronic rights restrictions, some third party content may be suppressed. Editorial review has deemed that any suppressed content does...

I need problem E14-11 solved on page 714 of the document attached. JWCL165_c14_674-725.qxd 8/16/09 7:46 AM Page 674 14 Financial Statement Analysis Chapter STUDY OBJECTIVES After studying this...

Hi, I've talked to you earlier that you know the answers for the Enron case. Is it possible to get this done by afternoon of Wednesday at best. If not I'm also willing to take this on a Friday....

Ed owns Oak Knoll Apartments. During the year, Fred, a tenant, moved to another state. Fred paid Ed $1,000 to cancel the two-year lease he had signed. Ed subsequently rented the unit to Wayne. Wayne...

Suppose a 10 year 9% coupon bond is selling for $112 with a par value of $100. What is the current yield for the bond? What is the limitation of the current yield measure?

1 7 . 1 a . Modern Medical Devices has a current ratio of 0 . 5 . Which of the following actions would improve ( i . e . , increase ) this ratio? b . Assume that the company has a current ratio of 1...

1. a) Show that the function z = f (y + bx) + g (y - bx) provides the bz yy =z xx equation. b) Calculate the integral of the function f (x, y) = 2x - 3 in the region limited by the line x 2 + y 2 -...

1. A rectangular block of size 2r x h x d is glued to a semi cylinder of radius r and depth d, as shown in figure. Find out hmar for stable equilibrium in the position shown. The two solids are of...

In the circuit given in the figure, there is no energy stored in the circuit at the time of switch t = 0. If i g =5u(t) mA, calculate v 0 (t). 200 3.75 x 103v340 mH 250 nF

1. What are the different types of information? A. Levels, forms, granularities B. Levels, forms, data C. Levels, formats, granularities D. Data, formats, granularities 2. Which of the following...

Explain the different types of interviews

Net Income Approach Provide your explanation as to how capital structure decisions affect companies value and cost of capital, provide demonstration and examples as to how the assumptions of these...

What does this look like?

1. The purpose of this chapter is to describe the key principles, procedures and strategies of personal communication benchmarking, as understood in this context.

1. Set a personal goal for yourself in your work situation. Examine this goal in the light of the 10 factors to achieve goals.