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

question 2

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 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?
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Definitions:

Vomer

A thin, flat bone forming the lower part of the nasal septum, divided by the nostrils.

Fontanel

Flexible areas in an infant's skull where the bones are yet to join together, facilitating childbirth and the development of the brain.

Frontal

Pertaining to the forehead or the frontal bone of the skull, often used in reference to lobes of the brain located in this region.

Parietal

Relating to the walls of a cavity or structure within the body, often referring to specific areas or membranes.