EBK MICROECONOMICS
21st Edition
ISBN: 8220103960151
Author: McConnell
Publisher: YUZU
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Question
Chapter 22, Problem 3DQ
Subpart (a):
To determine
The problems in the agricultural sector.
Subpart (b):
To determine
The impact of the technological progress in the agricultural sector.
Subpart (c):
To determine
What resulted in the downward trend in agricultural income.
Subpart (d):
To determine
The adjustments in the price and supply of agricultural output.
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P
COUNTRY 1
25
20
15
10
5
0
d1 Q
0 3 6 9 1215182124
s1
IP
INTERNATIONAL MARKET
25
20
15
10
LO
5
P
S2
22. What will be the quantity demanded by country 1 from the rest of the world at a price of 5?
O(a) 6
O (b) 9
O (c) 12
O (d) 15
S1
IP
D2
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P
25
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D1 0
20
COUNTRY 2
S2
IP
d2
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Price
$12
$10
$8
$6
$4
$2
Table 3
D1
LO
5
8
11
13
16
18
D2
O a 15 unit surplus will result..
O a 10 unit shortage will result.
O a 15 unit shortage will result.
O a 10 unit surplus will result.
9
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21
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S₁
19
17
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S2
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4
Suppose that D2 and S2 are the demand and supply schedules for
Product A. If the government imposes a price ceiling of $4, then:
3. Refer to the expanded table below from review question 8.
LO3.4
a. What is the equilibrium price? At what price is there nei-
ther a shortage nor a surplus? Fill in the surplus-shortage
column and use it to confirm your answers.
b. Graph the demand for wheat and the supply of wheat. Be
sure to label the axes of your graph correctly. Label equi-
librium price Pand equilibrium quantity Q.
c. How big is the surplus or shortage at $3.40? At $4.90?
How big a surplus or shortage results if the price is 60
cents higher than the equilibrium price? 30 cents lower
than the equilibrium price?
Thousands
of Bushels
Surplus (+)
or
Shortage (-)
Thousands
Price per
Bushel
of Bushels
Supplied
Demanded
85
$3.40
72
80
3.70
73
75
4.00
75
70
4.30
77
65
4.60
79
60
4.90
81
Chapter 22 Solutions
EBK MICROECONOMICS
Ch. 22 - Prob. 1DQCh. 22 - Prob. 2DQCh. 22 - Prob. 3DQCh. 22 - Prob. 4DQCh. 22 - Prob. 5DQCh. 22 - Prob. 6DQCh. 22 - Prob. 7DQCh. 22 - Prob. 8DQCh. 22 - Prob. 9DQCh. 22 - Prob. 10DQ
Ch. 22 - Prob. 11DQCh. 22 - Prob. 12DQCh. 22 - Prob. 13DQCh. 22 - Prob. 14DQCh. 22 - Prob. 1RQCh. 22 - Prob. 2RQCh. 22 - Prob. 3RQCh. 22 - Prob. 4RQCh. 22 - Prob. 5RQCh. 22 - Suppose that corn currently costs 4 per bushel and...Ch. 22 - Suppose chat both wheat and corn have an income...Ch. 22 - Prob. 3PCh. 22 - Prob. 4P
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