Table 3.1 -Refer to Table 3.1. the Table Contains Information About the Contains

question 45

Essay

Table 3.1

-Refer to Table 3.1. 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 kilogram. Is there a shortage or a surplus in the market?
c.What is the quantity of the shortage or surplus?
d.How many kilograms will be sold if the market price is $9 per kilogram?
e.If the market price is $9 per kilogram, what must happen to restore equilibrium in the market?
f.At what price will suppliers be able to sell 22 000 kilograms of corn?
g.Suppose the market price is $21 per kilogram. Is there a shortage or a surplus in the market?
h.What is the quantity of the shortage or surplus?
i.How many kilograms will be sold if the market price is $21 per kilogram?
j.If the market price is $21 per kilogram, what must happen to restore equilibrium in the market?
_____________________________________________________________________________________________
_____________________________________________________________________________________________

---

Definitions:

Income

The money received, usually on a regular basis, for work or through investments.

Education

The process of receiving or giving systematic instruction, especially at a school or university.

Tertiary Level

The third level, often referring to specialized consultative healthcare, typically on referral from primary or secondary medical care personnel.

Colostomy

A surgical procedure that creates an opening in the abdominal wall for the colon, allowing stool to bypass a damaged or diseased part of the colon.