The monthly market for U.S. steel production (in millions iron ore, a critical input in the production of steel, shifts the supply curve to the left, decreasing supply by 200,000 tons at each (Hint 200,000 tons = 0.2 million tons.) Instructions: Round your answers to one decimal place. a. Fill in the new supply schedule in the table using the "New Quantity of Steel Supplied" column. Market for U.S. Steel Price (dollars per Initial Quantity of Steel Demanded ton) (millions of tons) $650 1.2 1.3 1.4 1.5 1.6 640 630 620 618 600 590 580 570 560 P= $ Q- P-$ per ton Q- 1.7 b. What are the initial equilibrium price and quantity in the steel market? 1.8 1.9 per ton 2 2.1 million tons of steel c. What are the new equilibrium price and quantity in the market? Initial Quantity of Steel Supplied (millions of tons) 2.2 million tons of steel 2.1 2 1.9 1.8 1.7 1.6 1.5 1.4 1.3 New Quantity of Steel Supplied (millions of tons)

The monthly market for U.S. steel production (in millions iron ore, a critical input in the production of steel, shifts the supply curve to the left, decreasing supply by 200,000 tons at each (Hint 200,000 tons = 0.2 million tons.) Instructions: Round your answers to one decimal place. a. Fill in the new supply schedule in the table using the "New Quantity of Steel Supplied" column. Market for U.S. Steel Price (dollars per Initial Quantity of Steel Demanded ton) (millions of tons) $650 1.2 1.3 1.4 1.5 1.6 640 630 620 618 600 590 580 570 560 P= $ Q- P-$ per ton Q- 1.7 b. What are the initial equilibrium price and quantity in the steel market? 1.8 1.9 per ton 2 2.1 million tons of steel c. What are the new equilibrium price and quantity in the market? Initial Quantity of Steel Supplied (millions of tons) 2.2 million tons of steel 2.1 2 1.9 1.8 1.7 1.6 1.5 1.4 1.3 New Quantity of Steel Supplied (millions of tons)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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