Table 3-2 -Refer to Table 3-2.The Table Contains Information About the Corn

question 90

Essay

Table 3-2

-Refer to Table 3-2.The table contains information about the corn market.Use the table to answer the following questions.
a.What are the equilibrium price and quantity of corn?
b.Suppose the prevailing price is $9 per bushel.Is there a shortage or a surplus in the market?
c.What is the quantity of the shortage or surplus?
d.How many bushels will be sold if the market price is $9 per bushel?
e.If the market price is $9 per bushel,what must happen to restore equilibrium in the market?
f.At what price will suppliers be able to sell 22,000 bushels of corn?
g.Suppose the market price is $21 per bushel.Is there a shortage or a surplus in the market?
h.What is the quantity of the shortage or surplus?
i.How many bushels will be sold if the market price is $21 per bushel?
j.If the market price is $21 per bushel,what must happen to restore equilibrium in the market?

Understand the concepts and types of renewable and non-renewable energy sources.

Identify methods to prevent loss of topsoil and understand its importance in sustainable agriculture.

Differentiate between sources of underground water for energy generation.

Recognize the importance of biodiversity and the factors contributing to its loss.

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Definitions:

Insurance Company

An organization that provides risk management by offering policyholders compensation in the event of specific losses, damage, illness, or death, in return for premium payments.

Offer

A proposal to sell or buy a specific asset or service at a specified price and terms.

Annual Percentage Rate

The annual rate charged for borrowing or earned through an investment, accounting for compounding interest over the course of the year.

Quarter

A three-month period on a financial calendar that acts as a basis for the reporting of earnings and the paying of dividends.