Market for Wholesale Butter Price (dollars per pound) $0.80 0.90 1.00 1.10 1.20 1.30 1.40 1.50 1.60 1.70 1.80 Q= Quantity of Butter Demanded 1.20 zero Quantity of Butter Supplied (millions of (millions of Instructions: Round your answer for price to two decimal places. Enter your answers for qua a. What are the equilibrium price and quantity in the wholesale butter market? P = $ pounds) 110 107 104 101 98 95 92 89 86 83 80 98 million pounds b. What is the monthly surplus created in the wholesale butter market due to the price supp 22 million pounds pounds) 66 74 82 90 98 106 114 122 130 138 146 11 million pounds 79 million pounds

Market for Wholesale Butter Price (dollars per pound) $0.80 0.90 1.00 1.10 1.20 1.30 1.40 1.50 1.60 1.70 1.80 Q= Quantity of Butter Demanded 1.20 zero Quantity of Butter Supplied (millions of (millions of Instructions: Round your answer for price to two decimal places. Enter your answers for qua a. What are the equilibrium price and quantity in the wholesale butter market? P = $ pounds) 110 107 104 101 98 95 92 89 86 83 80 98 million pounds b. What is the monthly surplus created in the wholesale butter market due to the price supp 22 million pounds pounds) 66 74 82 90 98 106 114 122 130 138 146 11 million pounds 79 million pounds

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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3. Suppose that x represents the quantity supplied in thousands for a price p in thousands of dollars, where e2a – p = 3x. What is the sales price when production is at 600 units? How fast is the supply changing at this level? -
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