curves in Malaysia: Qd = 1,890 - 125P Qs = 440 + 165P The rice quantities are measured in millions of kilograms (kg); prices are measured in Ringgit (RM) per kg. Calculate the Equilibrium Price and Equilibrium Quantity for this market. O a. Equilibrium price is RM4, Equilibrium quantity is 1100 (millions kg) O b. Equilibrium price is RM5, Equilibrium quantity is 1265 (millions kg) O c. No correct answers O d. Equilibrium price is RM4, Equilibrium quantity is 1265 (millions kg)
curves in Malaysia: Qd = 1,890 - 125P Qs = 440 + 165P The rice quantities are measured in millions of kilograms (kg); prices are measured in Ringgit (RM) per kg. Calculate the Equilibrium Price and Equilibrium Quantity for this market. O a. Equilibrium price is RM4, Equilibrium quantity is 1100 (millions kg) O b. Equilibrium price is RM5, Equilibrium quantity is 1265 (millions kg) O c. No correct answers O d. Equilibrium price is RM4, Equilibrium quantity is 1265 (millions kg)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![In May 2021, the Paddy and Rice Industry Division (PRID) and the Malaysian Ministry of Agriculture (MOA) are interested in
analyzing the domestic market for rice. The economists have estimated the following rice equations for the demand and supply
curves in Malaysia:
Qd = 1,890 - 125P
Qs = 440 + 165P
The rice quantities are measured in millions of kilograms (kg); prices are measured in Ringgit (RM) per kg. Calculate the
Equilibrium Price and Equilibrium Quantity for this market.
O a. Equilibrium price is RM4, Equilibrium quantity is 1100 (millions kg)
O b. Equilibrium price is RM5, Equilibrium quantity is 1265 (millions kg)
O c. No correct answers
O d. Equilibrium price is RM4, Equilibrium quantity is 1265 (millions kg)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F151a4749-18a2-47b0-95db-518cdf3bf529%2F524a6f1f-a33f-4b98-8ac4-dce4e86a6806%2Fildf7cz_processed.png&w=3840&q=75)
Transcribed Image Text:In May 2021, the Paddy and Rice Industry Division (PRID) and the Malaysian Ministry of Agriculture (MOA) are interested in
analyzing the domestic market for rice. The economists have estimated the following rice equations for the demand and supply
curves in Malaysia:
Qd = 1,890 - 125P
Qs = 440 + 165P
The rice quantities are measured in millions of kilograms (kg); prices are measured in Ringgit (RM) per kg. Calculate the
Equilibrium Price and Equilibrium Quantity for this market.
O a. Equilibrium price is RM4, Equilibrium quantity is 1100 (millions kg)
O b. Equilibrium price is RM5, Equilibrium quantity is 1265 (millions kg)
O c. No correct answers
O d. Equilibrium price is RM4, Equilibrium quantity is 1265 (millions kg)
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