Where qs is the quantity of wheat supplied in billions of, Ask an Expert

Economics

If the demand curve for wheat in the United States is

P=12.4 - Q_D

where is the P is the farm price of wheat (in dollars per bushel) and Q_D is the quantity of wheat demanded (in billions of bushels), and the supply curve for wheat in the United States is
P= -2.6 + 2Q_S

where Q_s is the quantity of wheat supplied (in billions of bushels), what is the equilibrium price of wheat?

What is the equilibrium quantity of wheat sold? Must the actual price equal the equilibrium price? Why or why not?

View complete question

Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M947853

Have any Question?Write your Review or question?

Related Questions in Microeconomics

What factors are used to measure productivity has the

What factors are used to measure productivity? Has the annual average productivity in the U.S. went up or down over the last 30 years? In your opinion what caused this to happen?

Question for this scholarly activity develop a supporting

Question: For this scholarly activity, develop a supporting human resource (HR) plan for an organizational strategy. Research a company that has undergone (or attempted to undergo) a shift in organization or culture with ...

Question make a valuation for honest tea company after

Question: Make a valuation for Honest Tea company after being aquired by Coke company. The industry for ready to drink Teas are oligopolistic and I need a demand and cost function to represent why it makes sense for Hone ...

Question an equipment costs 12000 and can be sold at the

Question: An equipment costs $12,000 and can be sold at the end of 5 years for $300. What is the depreciation for year 3 if the sum of years' digits depreciation method was used? The response must be typed, single spaced ...

Question older business cycle theories used to focus on

Question: Older business cycle theories used to focus on what was called the ‘‘interaction of the multiplier and the accelerator'' to produce endogenous business cycles; the accelerator said that investment was proportio ...

Question think of the commonality and consistencies of

Question: Think of the commonality and consistencies of where consumers spend their money in a recession and during the holiday season. What determinations can you make about purchases? Is there a pattern here? The respo ...

Question discuss the concepts of engineering projects and

Question: Discuss the concepts of engineering projects and their investment profile. How would you assess the economic feasibility of engineering projects in your organization? Give examples from your organization to sup ...

Question from the early 1950s through 1973 the japanese

Question: From the early 1950s through 1973, the Japanese economy grew at an average annual rate of almost 10%. It then slowed down to 5% per year from 1973 through 1991, and 1% per year from 1992 through 1998. (A) What ...

Question suppose ford motor company issues a five year bond

Question: Suppose Ford Motor Company issues a five year bond with a face value of $5,000 that pays an annual coupon payment of $150. a. What is the interest rate Ford is paying on the borrowed funds? b. Suppose the marke ...

Question where formal cartels are illegal what techniques

Question: Where formal cartels are illegal, what techniques can firms use to attempt to prevent "price wars" from breaking out and to maintain a price level in the market, which approximates the level that a monopolist w ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Microeconomics Expert