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Using the schedules given

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Using the schedules given, plot the demand curve and the supply curve on the below graph.;Label the axes and indicate for each axis the units being used to measure price and quantity.;Then answer the questions.;Quantity demanded Quantity supplied;Price (bushels of oats) Price (bushels of oats);$1.50 10,000 $1.50 40,000;1.40 15,000 1.40 35,000;1.30 20,000 1.30 30,000;1.20 25,000 1.20 25,000;1.10 30,000 1.10 20,000;1.00 35,000 1.00 15,000;(a) Give the equilibrium price and quantity for oats.;(b) Indicate the equilibrium price and quantity on the graph by drawing lines from the intersection of the supply and demand curves to the price and quantity axes.;(c) If the Federal government decided to support the price of oats at $1.40 per bushel, tell whether there would be a surplus or shortage and how much it would be.;(d) Demonstrate your answer to part (c) on your graph being sure to label the quantity you designated as the shortage or surplus.;Attachment Preview;JHU._The_Marketing_Environment._Take_Home_Midterm_Examination (Autosaved).docx Download Attachment;Take Home Midterm Examination;The Marketing Environment;Spring, 2010;Mr. Volpe;Please answer all ten essay questions. Each question is worth 10 points. These are;essentially short answer questions... Show more

 

Paper#27499 | Written in 18-Jul-2015

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