Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:The equations provided below dencribe demand and supply conditions in the soybean market. Orepresents
the quantity of soybean, meanured in bushels and P represents the price in dollars.
Supply: o8.
--60,000 + 50,0O0P
Demand: oD- 90,000 - 10,000P
The equilibrium quantity is
Oa. 160,000 bushels
Ob.40,000 bushels
Oc. 60,000 bushels
d. 50,000 bushels
e. 85,000 bushels
Of. 35,000 bushels
Og. 110,000 bushels
Oh.65,000 bushels
noints
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