The table below shows the demand and supply for soybean in Anderson County, South Carolina. A) Graph the demand and supply curves below and indicate the equilibrium price and quantity. B) Based on the market equilibrium above, compute the total income of soybean growers in the region. Supply Price Demand 60 4 150 80 8 140 100 12 130 120 16 120 140 18 110
The table below shows the demand and supply for soybean in Anderson County, South Carolina. A) Graph the demand and supply curves below and indicate the equilibrium price and quantity. B) Based on the market equilibrium above, compute the total income of soybean growers in the region. Supply Price Demand 60 4 150 80 8 140 100 12 130 120 16 120 140 18 110
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter4: Markets In Action
Section: Chapter Questions
Problem 2SQ
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Question
The table below shows the demand and supply for soybean in Anderson County, South Carolina.
- A) Graph the demand and supply
curves below and indicate theequilibrium price and quantity. - B) Based on the
market equilibrium above, compute the total income of soybean growers in the region.
Supply | Price | Demand |
60 |
4 | 150 |
80 | 8 | 140 |
100 | 12 | 130 |
120 | 16 | 120 |
140 | 18 | 110 |
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