Suppose the graph below represents the demand and supply for rice at various prices, answer the questions that follow. The graph above is represented in the table below. Please complete the table below identifying the shortage or surplus. Price (10kg bag) Demand (10 kg bags) Supply (SS) (10 kg bags) Surplus (+) Shortage (-) 10 89 29 20 70 40 30 55 55 40 39 67 50 25 80 60 11 95 Based on your findings in the table above, what is the market equilibrium price and quantity for rice? Also, please examine the factors that can motivate the government to reduce the price of rice at $20 per 10 kg bag and the effects of that government legislation on the rice market.
Suppose the graph below represents the demand and supply for rice at various prices, answer the questions that follow. The graph above is represented in the table below. Please complete the table below identifying the shortage or surplus. Price (10kg bag) Demand (10 kg bags) Supply (SS) (10 kg bags) Surplus (+) Shortage (-) 10 89 29 20 70 40 30 55 55 40 39 67 50 25 80 60 11 95 Based on your findings in the table above, what is the market equilibrium price and quantity for rice? Also, please examine the factors that can motivate the government to reduce the price of rice at $20 per 10 kg bag and the effects of that government legislation on the rice market.
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter4: Markets In Action
Section: Chapter Questions
Problem 10SQ
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Question
Suppose the graph below represents the
The graph above is represented in the table below. Please complete the table below identifying the shortage or surplus.
|
|
Demand (10 kg bags) |
Supply (SS) (10 kg bags) |
Surplus (+) Shortage (-) |
|
10 |
89 |
29 |
|
|
20 |
70 |
40 |
|
|
30 |
55 |
55 |
|
|
40 |
39 |
67 |
|
|
50 |
25 |
80 |
|
|
60 |
11 |
95 |
|
- Based on your findings in the table above, what is the
market equilibrium price and quantity for rice?
Also, please examine the factors that can motivate the government to reduce the price of rice at $20 per 10 kg bag and the effects of that government legislation on the rice market.
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