Consider the market for milk in Saskatchewan If p is the price of milk (cents per litre) and Q is the quantity of milk (millions of stres per month), suppose that demand and supply curves for milk are given by the following Demand p=240-100° p=30+100 Supply Assuming there is no government intervention in this market, what is the equilibrium price and quantity? The equilibrium quantity is 10.5 millions of litres. (Round your response to one decimal place) The price is 135 cents per litre (Round your response to the nearest cent. /The monthly revenue for milk producers without government intervention is $ million(s) of dollars. (Round your response to one decimal place)

Consider the market for milk in Saskatchewan If p is the price of milk (cents per litre) and Q is the quantity of milk (millions of stres per month), suppose that demand and supply curves for milk are given by the following Demand p=240-100° p=30+100 Supply Assuming there is no government intervention in this market, what is the equilibrium price and quantity? The equilibrium quantity is 10.5 millions of litres. (Round your response to one decimal place) The price is 135 cents per litre (Round your response to the nearest cent. /The monthly revenue for milk producers without government intervention is $ million(s) of dollars. (Round your response to one decimal place)

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter4: Supply And Demand: An Initial Look

Section: Chapter Questions

Problem 3TY

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