e following table contains information about the wheat market: Price per Bushel (dollars) Quantity Demanded (bushels) Quantity Supplied (bushels) $2 40,000 0 4 34,000 4,000 6 28,000 8,000 8 24,000 16,000 10 20,000 20,000 12 18,000 28,000 14 12,000 36,000 16 6,000 40,000 Draw and label a graph representing this market (demand curve, supply curve, etc.) What is the market price of wheat in this market, and what is the total revenue to farmers at that price? If the farmers then band together and set a price floor of $14 per bushel, what will their total revenue be? Label these two revenue areas on y
e following table contains information about the wheat market: Price per Bushel (dollars) Quantity Demanded (bushels) Quantity Supplied (bushels) $2 40,000 0 4 34,000 4,000 6 28,000 8,000 8 24,000 16,000 10 20,000 20,000 12 18,000 28,000 14 12,000 36,000 16 6,000 40,000 Draw and label a graph representing this market (demand curve, supply curve, etc.) What is the market price of wheat in this market, and what is the total revenue to farmers at that price? If the farmers then band together and set a price floor of $14 per bushel, what will their total revenue be? Label these two revenue areas on y
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
- The following table contains information about the wheat market:
|
Price per Bushel (dollars) |
Quantity Demanded (bushels) |
Quantity Supplied (bushels) |
|
$2 |
40,000 |
0 |
|
4 |
34,000 |
4,000 |
|
6 |
28,000 |
8,000 |
|
8 |
24,000 |
16,000 |
|
10 |
20,000 |
20,000 |
|
12 |
18,000 |
28,000 |
|
14 |
12,000 |
36,000 |
|
16 |
6,000 |
40,000 |
Draw and label a graph representing this market (demand curve, supply curve, etc.) What is the market price of wheat in this market, and what is the total revenue to farmers at that price? If the farmers then band together and set a
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