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:

Codon

A triplet of mRNA nucleotides. The 64 possible codons collectively constitute a universal genetic code in which each codon specifies an amino acid in a polypeptide, or a signal to either start or terminate polypeptide synthesis.

Double-Stranded DNA

The structure of DNA consisting of two strands coiling around each other, forming a double helix.

Minimal Media

A type of growth medium containing only the minimal necessities for the growth of wild-type microorganisms (such as bacteria).

Complete Medium

A culture medium that contains all the nutrients needed for the growth and proliferation of a wide range of microorganisms.