Table 3-6 -Refer to Table 3-6. the Table Contains Information About the Contains

question 37

Essay

Table 3-6

-Refer to Table 3-6. The table contains information about the sorghum market. Use the table to answer the following questions.
a. What are the equilibrium price and quantity of sorghum?
b. Suppose the prevailing price is $6 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 $6 per bushel?
e. If the market price is $6 per bushel, what must happen to restore equilibrium in the market?
f. At what price will suppliers be able to sell 36,000 bushels of sorghum?
g. Suppose the market price is $14 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 $14 per bushel?
j. If the market price is $14 per bushel, what must happen to restore equilibrium in the market?

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Definitions:

Inlet Restriction

A limitation or obstruction in the pathway through which fluids or air enters a system, affecting the system's performance.

Service Diaphragm

The rubber pancake on which service brake pressure acts to apply the brakes on an air brake–equipped vehicle.

Cam-to-bushing Radial

Refers to the radial clearance or distance between a camshaft and its surrounding bushing, critical for proper mechanical operation.

S-cam Assembly

A mechanical component used in drum brake systems of heavy vehicles, converting the linear force of air brake actuators into a rotational movement to apply the brake.