Homework Help is Here – Start Your Trial Now!
Business
Economics
The given supply and demand schedules describe a hypothetical market for potash. a. What is the equilibrium price of potash? b. At a price of $290 per tonne, is there excess supply or demand? How much? There is million tonne(s) of excess c. At a price of $415 per tonne, is there excess supply or demand? How much? There is million tonne(s) of excess d. If the price is $290 per tonne, describe the forces that will cause the price to change. Purchasers will offer purchasers. Sellers will ask a than the prevailing price to other price for the quantities that they do Price ($ per tonne) 290 315 340 365 390 415 Quantity Supplied (million tonnes) 5.5 6.5 7.5 8.5 9.5 10.5 Quantity Demanded (million tonnes) 11.5 10.5 9.5 8.5 7.5 6.5

The given supply and demand schedules describe a hypothetical market for potash. a. What is the equilibrium price of potash? b. At a price of $290 per tonne, is there excess supply or demand? How much? There is million tonne(s) of excess c. At a price of $415 per tonne, is there excess supply or demand? How much? There is million tonne(s) of excess d. If the price is $290 per tonne, describe the forces that will cause the price to change. Purchasers will offer purchasers. Sellers will ask a than the prevailing price to other price for the quantities that they do Price ($ per tonne) 290 315 340 365 390 415 Quantity Supplied (million tonnes) 5.5 6.5 7.5 8.5 9.5 10.5 Quantity Demanded (million tonnes) 11.5 10.5 9.5 8.5 7.5 6.5

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
See similar textbooks
icon
Related questions
Question

12

The given supply and demand schedules describe a hypothetical market for potash. a. What is the equilibrium price of potash? b. At a price of $290 per tonne, is there excess supply or demand? How much? There is million tonne(s) of excess c. At a price of $415 per tonne, is there excess supply or demand? How much? There is million tonne(s) of excess d. If the price is $290 per tonne, describe the forces that will cause the price to change. Purchasers will offer purchasers. Sellers will ask a other price for the quantities that they do than the prevailing price to Price ($ per tonne) 290 315 340 365 390 415 Quantity Supplied (million tonnes) 5.5 6.5 7.5 8.5 9.5 10.5 Quantity Demanded (million tonnes) 11.5 10.5 9.5 8.5 7.5 6.5
Transcribed Image Text:The given supply and demand schedules describe a hypothetical market for potash. a. What is the equilibrium price of potash? b. At a price of $290 per tonne, is there excess supply or demand? How much? There is million tonne(s) of excess c. At a price of $415 per tonne, is there excess supply or demand? How much? There is million tonne(s) of excess d. If the price is $290 per tonne, describe the forces that will cause the price to change. Purchasers will offer purchasers. Sellers will ask a other price for the quantities that they do than the prevailing price to Price ($ per tonne) 290 315 340 365 390 415 Quantity Supplied (million tonnes) 5.5 6.5 7.5 8.5 9.5 10.5 Quantity Demanded (million tonnes) 11.5 10.5 9.5 8.5 7.5 6.5
d. If the price is $290 per tonne, describe the forces that will cause the price to change. Purchasers will offer purchasers. Sellers will ask a have to sell. In other words, excess on price. than the prevailing price to other price for the quantities that they do causes pressure Sellers are likely to e. If the price is $415 per tonne, describe the forces that will cause the price to change. their prices. Purchasers will begin to offer causes money for the product. In other words, excess pressure on price.
Transcribed Image Text:d. If the price is $290 per tonne, describe the forces that will cause the price to change. Purchasers will offer purchasers. Sellers will ask a have to sell. In other words, excess on price. than the prevailing price to other price for the quantities that they do causes pressure Sellers are likely to e. If the price is $415 per tonne, describe the forces that will cause the price to change. their prices. Purchasers will begin to offer causes money for the product. In other words, excess pressure on price.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Demand and Supply Curves
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS