Consider the market for milk in Saskatchewan If p is the price of milk (cents per litre) and Q is the quantity of milk (millions of stres per month), suppose that demand and supply curves for milk are given by the following Demand p=240-100° p=30+100 Supply Assuming there is no government intervention in this market, what is the equilibrium price and quantity? The equilibrium quantity is 10.5 millions of litres. (Round your response to one decimal place) The price is 135 cents per litre (Round your response to the nearest cent. /The monthly revenue for milk producers without government intervention is $ million(s) of dollars. (Round your response to one decimal place)

Consider the market for milk in Saskatchewan If p is the price of milk (cents per litre) and Q is the quantity of milk (millions of stres per month), suppose that demand and supply curves for milk are given by the following Demand p=240-100° p=30+100 Supply Assuming there is no government intervention in this market, what is the equilibrium price and quantity? The equilibrium quantity is 10.5 millions of litres. (Round your response to one decimal place) The price is 135 cents per litre (Round your response to the nearest cent. /The monthly revenue for milk producers without government intervention is $ million(s) of dollars. (Round your response to one decimal place)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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