At price $5 in this market: $6 6,000-bushel. surplus 7,000-bushel shortage 6 7 8. 10 12 14 16 18 Bushels of corn (thousands per week) There will be a surplus if 10,000 units O Quantity demanded will be 12,000 unites O Quantity demanded will equal quantity supplied O There will be a shortage of 10,000 unites 2. 5n 3. 2. Price (per bushel)

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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M5
At price $5 in this market:
$6
6,000-bushel.
surplus
7,000-bushel
shortage
6 7
8
10
12
14
16
18
Bushels of corn (thousands per week)
O There will be a surplus if 10,000 units
O Quantity demanded will be 12,000 unites
O Quantity demanded will equal quantity supplied
There will be a shortage of 10,000 unites
.......
5.
3.
2.
Price (per bushel)
Transcribed Image Text:At price $5 in this market: $6 6,000-bushel. surplus 7,000-bushel shortage 6 7 8 10 12 14 16 18 Bushels of corn (thousands per week) O There will be a surplus if 10,000 units O Quantity demanded will be 12,000 unites O Quantity demanded will equal quantity supplied There will be a shortage of 10,000 unites ....... 5. 3. 2. Price (per bushel)
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