The demand for corn (measured in billions of bushels) is given by C - 5- 2Pm + 4Ptutres -0.25Puter + 0.0003M. The supply of corn is given by O 9+ 5P - 2Pet -1.25Pytean a. If potatoes cost $0.75 per pound, butter costs $8.00 per pound, diesel fuel costs $3.00 per gallon, soybeans cost $16.00 per bushel, and average income, M, is $40,000 per year, what is the equilibrium price of corn as determined by the demand and supply functions? Instructions: Round your answer to 1 decimal place. b. How much corn is bought and sold (equilibrium quantity)? Instructions: Round your answer to 1 decimal place. Obillion bushels. c. If the price of diesel fuel increases to $4.50 per gallon, what is the new equilibrium price? Instructions: Round your answers to 2 decimal places. If the price I diesel fuel increases to $4.50 per gallon, what is the new equilibrium quantity?

The demand for corn (measured in billions of bushels) is given by C - 5- 2Pm + 4Ptutres -0.25Puter + 0.0003M. The supply of corn is given by O 9+ 5P - 2Pet -1.25Pytean a. If potatoes cost $0.75 per pound, butter costs $8.00 per pound, diesel fuel costs $3.00 per gallon, soybeans cost $16.00 per bushel, and average income, M, is $40,000 per year, what is the equilibrium price of corn as determined by the demand and supply functions? Instructions: Round your answer to 1 decimal place. b. How much corn is bought and sold (equilibrium quantity)? Instructions: Round your answer to 1 decimal place. Obillion bushels. c. If the price of diesel fuel increases to $4.50 per gallon, what is the new equilibrium price? Instructions: Round your answers to 2 decimal places. If the price I diesel fuel increases to $4.50 per gallon, what is the new equilibrium quantity?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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