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(Equilibrium) Assume the market for corn is depicted as in the table that appears below. a. Complete the table below. b. What market pressure occurs when quantity demanded exceeds quantity supplied? Explain. c. What market pressure occurs when quantity supplied exceeds quantity demanded? Explain. d. What is the equilibrium price? e. What could change the equilibrium price? f. At each price in the first column of the table below, how much is sold? Price per Bushel Quantity Demanded (millions of bushels) Quantity Supplied(millions of bushels) Surplus/ Shortage Will Price Rise or Fall? $1.80 320 200 ______ ______ 2.00 300 230 ______ ______ 2.20 270 270 ______ ______ 2.40 230 300 ______ ______ 2.60 200 330 ______ ______ 2.80 180 350 ______ ______

BuyFind

ECON: MICRO4 (New, Engaging Titles...

4th Edition
William A. McEachern
Publisher: Cengage Learning
ISBN: 9781285423548
BuyFind

ECON: MICRO4 (New, Engaging Titles...

4th Edition
William A. McEachern
Publisher: Cengage Learning
ISBN: 9781285423548

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Chapter
Section
Chapter 4, Problem 6.12PA
Textbook Problem

(Equilibrium) Assume the market for corn is depicted as in the table that appears below.

a. Complete the table below.

b. What market pressure occurs when quantity demanded exceeds quantity supplied? Explain.

c. What market pressure occurs when quantity supplied exceeds quantity demanded? Explain.

d. What is the equilibrium price?

e. What could change the equilibrium price?

f. At each price in the first column of the table below, how much is sold?

Price per Bushel Quantity Demanded (millions of bushels) Quantity Supplied(millions of bushels) Surplus/ Shortage Will Price Rise or Fall?
$1.80 320 200 ______ ______
2.00 300 230 ______ ______
2.20 270 270 ______ ______
2.40 230 300 ______ ______
2.60 200 330 ______ ______
2.80 180 350 ______ ______

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