To increase revenue, the provincial government of Saskatchewan has decided to open up millions of acres of previously unavailable land, and to rent it to farmers. At the same time, world corn prices increase. Please illustrate the effect of both of these events in the accompanying graph by shifting the supply curve and/or demand curve. For profit maximizing farmers, which factor will determine how many acres of land to rent? O People will rent as many acres as possible. O Rent as long as the rental price is less than marginal profit. Each farmer will have his or her own reasons for choosing how much land to rent. O Individuals will rent up until the price of an acre of land is equal to the value of the marginal product, or marginal revenue product, of an acre of land. incorrect Rental rate Incorrect Quantity of land (acres) S

Table 3.8 shows information on the demand and supply for bicycles, where the quantities of bicycles are measured in thousands. What is the quantity demanded and the quantity supplied at a price of 210? At what price is the quantity supplied equal to 48,000? Graph the demand and supply curve for bicycles. How can you determine the equilibrium price and quantity from the graph? How can you determine the equilibrium price and quantity from line table? What HIE die equilibrium price and equilibrium quantity? If the price was 120, what would the quantities demanded and supplied he? Would a shortage or surplus exist? If so, how large would the shortage or surplus he?

i need help with this macroecon question 6

Say in a market we haveDemand is P = 5 – 0.005QSupply is P = 0.00125Qa-you will have a graph with price on the vertical axis and quantity on the horizontal axis formost parts of this problem. You will want to show intercept values and equilibrium values withthe specific values from the problem (when you graph the supply show it go out at least to thesame level of Q as the Q intercept for the demand curve).b-what are the equilibrium price and quantity traded in the market?c-say the government levies an excise tax in the market of 50 cents that renders the supply tonow be P = .00125Q + 0.5 (essentially the supply curve shifts up by 50 cents at each quantity).What are the new equilibrium price and quantity traded in the market with this excise tax?d-did the market price increase by as much as the 50 cent tax? (compare the market priceincrease with the amount of the tax of 50 cents)e-what is then loss in consumer surplus from the tax? Do consumers like excise taxes?f-what is the elasticity…