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anta Fe College | C X | SF McGraw Hill Connect X Question 14 - HW - Market Equ x eSantaFe - My FA Status ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms. larket Equil. and Policy Saved The monthly market for U.S. steel production (in millions of tons per month) is described in the table below. An increase in the price of iron ore, a critical input in the production of steel, shifts the supply curve to the left, decreasing supply by 200,000 tons at each price. (Hint: 200,000 tons = 0.2 million tons.) Instructions: Round your answers to 1 decimal place. a. Fill in the new supply schedule in the table using the "New Quantity of Steel Supplied" column. Market for U.S. Steel rice (dollars Initial Quantity of Steel Demanded Initial Quantity of Steel Supplied New Quantity of Steel Supplied per ton) (millions of tons) (millions of tons) (millions of tons) $650 1. 2 2.2 640 1 . 3 2 . 1 630 1. 4 620 1 . 5 1 .9 610 1 . 6 1 . 8 600 1 .7 1 . 7 590 1.8 1 . 6 580 1.9 1 . 5 570 2 1 . 4 560 2 . 1 1 . 3 . b. What are the initial equilibrium price and quantity in the steel market? P= $per ton Q = [ million tons of steel c. What are the new equilibrium price and quantity in the market? P= $ per ton Q = million tons of steel