Principles of Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (12th Edition)
12th Edition
ISBN: 9780134421315
Author: Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher: PEARSON
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Question
Chapter 3, Problem 5.7P
Subpart (a):
To determine
Quantity
Subpart (b):
To determine
Equilibrium price and quantity.
Subpart (c):
To determine
Illustration of equilibrium point.
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Students have asked these similar questions
Suppose the demand and supply curves for rice in Japan are given by the following equations:
QD = 120 - 30P
QS = 40 + 10P
Where QD = million tons of rice the Japanese would like to buy each year; QS = million tons of rice Japanese farmers would like to sell each year; and P = price per ton of rice (in hundreds).
Fill in the following table:
Use the information in the table to find the equilibrium price and quantity.
Graph the demand and supply curves and identify the equilibrium price and quantity.
*5.5 Suppose the demand and supply curves for rice in Japan
are given by the following equations:
DO BE
where Qa= millions of tons of rice the Japanese would
like to buy each year; Q,= millions of tons of rice
Japanese farmers would like to sell each
P=price per ton of rice (in hundreds of $).
a. Fill in the following table:
year; and
Price
(Per Ton)
Qd=120-30P
Qs = 40 + 10P
$ .50
$ 1.00
$ 1.50
$ 2.00
$ 2.50
Quantity
Demanded (Qa)
and
MABI
qara bra
S] 1.E
Quantity
Supplied (Q)
Suppose the demand and supply curves for eggs in the
United States are given by the following equations:
where Qa= millions of dozens of eggs Americans would
like to buy each year; Qs = millions of dozens of eggs U.S.
farms would like to sell each year; and P=price per dozen
Qa 100-20 P
Qs = 10+40 P
eggs.
a. Fill in the following table:
Price
(Per Dozen)
$ .50
$1.00
$1.50
$ 2.00
$2.50
Quantity
Demanded (Qa)
-
Quantity
Supplied (Q)
b. Use the information in the table to find the equilibrium
price and quantity.
c. Graph the demand and supply curves and identify the
equilibrium price and quantity.
d. Use algebra to solve these equations for the equilibrium
price and quantity.
Chapter 3 Solutions
Principles of Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (12th Edition)
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