An Economist Models the Market for Rice by the Following

question 29

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) . Find the best approximation for the equilibrium price.

• A) The equilibrium price is $1.23 per bushel.
• B) The equilibrium price is $5.86 per bushel.
• C) The equilibrium price is $3.97 per bushel.
• D) The equilibrium price is $154.21 per bushel.
• E) The equilibrium price is $2.58 per bushel.

---

Definitions:

Understandability

The extent to which information can be comprehended or grasped by a person with average knowledge of the subject.

Completeness

The state of having all necessary parts, elements, or steps; often relates to the thoroughness and comprehensiveness of information or processes.

Problem Solving

The process of working through details of an issue or challenge to reach a solution.

Quality Information

Quality information is data that is accurate, timely, relevant, complete, and presented in a manner that is understandable and usable for the intended purpose.