Attributed to Libby Rittenberg and Timothy Tregarthen Saylor.org Price per bushel Quantity demanded Quantity supplied 1.. Draw the demand and supply curves for corn.. What is the equili
Trang 1Attributed to Libby Rittenberg and Timothy Tregarthen Saylor.org
Price per bushel Quantity demanded Quantity supplied
1 Draw the demand and supply curves for corn What is the equilibrium
price? The equilibrium quantity?
2 Suppose the government now imposes a price floor at $4 per bushel
Show the effect of this program graphically How large is the surplus
of corn?
3 With the price floor, how much do farmers receive for their corn?
How much would they have received if there were no price floor?
4 If the government buys all the surplus wheat, how much will it spend?
Problems 5–9 are based on the following hypothetical demand and
supply curves for apartments
Rent/Month
Number of Apts
Demanded/Month
Number of Apts
Supplied/Month