Table 3-5 -Refer to Table 3-5. the Table Contains Information About the Contains

question 410

Essay

Table 3-5

-Refer to Table 3-5. 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 24,000 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:

Glossectomy

A surgical procedure involving partial or total removal of the tongue, usually to treat cancer.

Duodenum

The first section of the small intestine, immediately beyond the stomach, which plays a critical role in digestion by receiving bile and pancreatic juices.

Jejunum

The middle section of the small intestine, between the duodenum and ileum, which is responsible for the absorption of nutrients.

Cecum

The first part of the large intestine, into which the ileum opens from one side, and is shaped like a pouch.