Suppose that the demand curve for corn has the equation p= -0.22q +7.774 and the supply curve for corn has the equation p=0.2q +3.7, where p is the price per bushel in dollars and q is the quantity (demanded or produced) in billions of bushels. (a) Find the quantities supplied and demanded when the price of corn is $4.60 per bushel. (b) Determine the quantity of corn that will be produced and the price at which it will sell. (a) The quantity supplied when the price of corn is $4.60 is (Round to the nearest whole number as needed.) billion bushels.

Suppose that the demand curve for corn has the equation p= -0.22q +7.774 and the supply curve for corn has the equation p=0.2q +3.7, where p is the price per bushel in dollars and q is the quantity (demanded or produced) in billions of bushels. (a) Find the quantities supplied and demanded when the price of corn is $4.60 per bushel. (b) Determine the quantity of corn that will be produced and the price at which it will sell. (a) The quantity supplied when the price of corn is $4.60 is (Round to the nearest whole number as needed.) billion bushels.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Suppose that the demand curve for corn has the equation p= -0.22q +7.774 and the supply curve for corn has the equation p = 0.2q +3.7, where p is the price per bushel in dollars and q is the
quantity (demanded or produced) in billions of bushels.
(a) Find the quantities supplied and demanded when the price of corn is $4.60 per bushel.
(b) Determine the quantity of corn that will be produced and the price at which it will sell.
(a) The quantity supplied when the price of corn is $4.60 is
(Round to the nearest whole number as needed.)
billion bushels.

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