HW chap 3-2

50pergallonwhatisthenewequilibriumquantity 10 36

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Unformatted text preview: ld (equilibrium quantity)? Instructions: Round your answer to 1 decimal place. 11. 5 billion bushels. c. If the price of diesel fuel increases to $4.50 per gallon, what is the new equilibrium price? Instructions: Round your answers to 2 decimal places. $4. 07 . If the price of diesel fuel increases to $4.50 per gallon, what is the new equilibrium quantity? 10. 36 billion bushels. rev is ed jrl 08­09­2011 Worksheet Section: Market Equilibrium The demand for corn (measured in billions of bushels) is given by The supply of corn is given by a. If potatoes cost $0.50 per pound, butter costs $8.00 per pound, diesel fuel costs $2.50 per gallon, soybeans cost $8.00 per bushel, and average income, M, is $45,000 per year, what is the equilibrium price of corn as determined by the demand and supply functions? Instructions: Round your answer to 1 decimal place. $ 3.50 ± .03 . b. How much corn is bought and sold (equilibrium quantity)? Instructions: Round your answer to 1 decimal place. 11.5 ± .03 billion bushels. c. If the price of diesel fuel increases to $4.50 per gallon, what...
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