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:

Correlations

Statistical measures that describe the extent to which two or more variables fluctuate together.

Direction

The course or path along which something moves, progresses, or points.

Strength

The quality or state of being physically strong, or the capacity for exertion or endurance, as well as a personal or collective attribute of resilience or capability.

Confidence Intervals

A range of values, derived from sample statistics, that is likely to contain the value of an unknown population parameter.