Points: 0.89 of 4SaveConsider 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 litres per month), suppose that demandand supply curves for milk are given by the following.Demandp= 240 – 1000p= 30 + 40QSSupplya. Assuming there is no government intervention in this market, what is the equilibrium price and quantity?The equilibrium quantity is 4.2 millions of litres. (Round your response to one decimal place.) The price is 198 cents per litre. (Round your response to the nearestcent.)The monthly revenue for milk producers without government intervention is $ 8.3 million(s) of dollars. (Round your response to one decimal place.)Incorrect: 0b. Now suppose the government guarantees milk producers a price of $2. 15 per litre (that is, 215 cents per litre) and promises to buy any amount of milk that theproducers cannot sell. What is the quantity demanded and the quantity supplied at this guaranteed price?The quantity demanded at the guaranteed price ismillion(s) óf litres. (Round your response to one decimal place.)

The equilibrium price and quantity in the market of a good gets decided at a point where demand for…

IS no government intervention in this market, what is the equilibrium price and quantity? me equilibrium quantity is 4.2 millions of litres. (Round your response to one decimal place.) The price is 198 cents per litre. (Round your response to the nearest nt.)The monthly revenue for milk producers without government intervention is $ 8.3 million(s) of dollars. (Round your response to one decimal place.) Now suppose the government guarantees milk producers a price of $2.15 per litre (that is, 215 cents per litre) and promises to buy any amount of milk that the oducers cannot sell. What is the quantity demanded and the quantity supplied at this guaranteed price? e quantity demanded at the guaranteed price is million(s) óf litres. (Round your response to one decimal place)

IS no government intervention in this market, what is the equilibrium price and quantity? me equilibrium quantity is 4.2 millions of litres. (Round your response to one decimal place.) The price is 198 cents per litre. (Round your response to the nearest nt.)The monthly revenue for milk producers without government intervention is $ 8.3 million(s) of dollars. (Round your response to one decimal place.) Now suppose the government guarantees milk producers a price of $2.15 per litre (that is, 215 cents per litre) and promises to buy any amount of milk that the oducers cannot sell. What is the quantity demanded and the quantity supplied at this guaranteed price? e quantity demanded at the guaranteed price is million(s) óf litres. (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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