An Economist Models the Market for Rice by the Following

question 9

Multiple Choice

An economist models the market for rice by the following equations. Let p represent the price per bushel (in dollars) and y represent the number of bushels produced and sold (in millions) . Use the model for supply to determine at what point is the price so low that no rice is produced.

• A) When the price of rice is $141.85 per bushel.
• B) When the price of rice is $70.93 per bushel.
• C) When the price of rice is $5.46 per bushel.
• D) When the price of rice is $12.99 per bushel.
• E) When the price of rice is $2.38 per bushel.

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Definitions:

Earn

Earn refers to receiving money in exchange for work or services rendered, or through investment returns.

Interest Rate

The percentage of the principal amount charged by a lender to a borrower for the use of assets, typically expressed as an annual percentage rate (APR).

Equivalent

Equal in value, amount, function, meaning, etc., to something else.

Preceding January

The January that occurred immediately before the current date or specified event.