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The Demand and Supply Equations for the Apple Market Are

question 109

Essay

The demand and supply equations for the apple market are:
Demand: P = 12 - 0.01Q
Supply: P = 0.02Q
Where P= price per bushel, and Q=quantity.
A)Calculate the equilibrium price and quantity.
B)Suppose the government guaranteed producers a price of $10 per bushel.What would be the effect on quantity supplied? Provide a numerical value.
C)By how much would the $10 price change the quantity of apples demanded? Provide a numerical value.
D)Would there be a shortage or surplus of apples?
E)What is the size of this shortage or surplus? Provide a numerical value.

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Definitions:

U.S.

Refers to the United States of America, a country primarily located in North America, comprising 50 states, a federal district, five major self-governing territories, and various possessions.

Restaurant Chain

A set of related restaurants in different locations that are either under shared corporate ownership or franchising agreements.

Domestic Investment

The total spending on capital goods within a country’s borders, which includes expenditures on new buildings, equipment, and technology.

Trade Deficit

An economic measure of a negative balance of trade where a country's imports exceed its exports.