Question about equilibrium point

Reference no: EM13123608

At a price of $1.90 per bushel, the annual U.S. supply and demand for barley are 410 million bushels and 455 million bushels, respectively. When the price rises to $2.70 per bushel, the supply increases to 430 million bushels and the demand decreases to 415 million bushels.

A. Assuming that the price-supply and the price-demand equations are linear, find equations for each.

B. Find the equilibrium point for the U.S. barley market.

Reference no: EM13123608

Questions Cloud

Setup a network flow for problem using nodes : Setup a network Flow for this Problem using nodes and links but do not solve for optimal solution, A manufacturer must produce a certain product in sufficient quantity to meet contracted sales in the next four months

What mass of hclo4 should be present : What mass of HClO4 should be present in 0.600 L of solution to obtain a solution with a pH of 2.50?

What is the partial pressure of n2 : A mixture of gases containing 21.0 g of N2, 106.5 g of Cl2, and 12.0 g of He at 14 oC is in a 50.0 L container. What is the partial pressure of N2?

Write about the long-term system : Write about the long-term system. What is it? How does it work? Who pays for it? Who gets insurance? As much as you can.

Question about equilibrium point : At a price of $1.90 per bushel, the annual U.S. supply and demand for barley are 410 million bushels and 455 million bushels, respectively. When the price rises to $2.70 per bushel

Total overhead cost during budget : Overhead cost is applied to units based on direct labor hours. For April, total overhead cost was budgeted at $80,000 based on a denominator activity level of 20,000 direct labor hours for the month.

Compute probability that the bulb will last six hours : A certain type of light bulb that is used on a projector has a Weibull distribution with parameters α=2, and β=3. Compute the following: The probability that the bulb will last 6.

What is the variable production cost per unit : Top Disc manufactures frisbees. The following information is available for 2013 , the company's first year in business when it produced 325,000 units. Revenue of $450,000 was generated by the sale of 180,000 frisbees.

Provide recommendations to the cpa about how to select : A CPA is interested in testing the fairness of the ending inventory balance at an audit client. He has relatively little experience using statistical sampling methods and, does not like to turn anything over to random chance.

User Account

All Pages