The supply curve for sugar is given as Supply: Qs = 1750 + 24P and demand for sugar is given as Demand: Ds = 3270 – 26P; where P is price in SR per kg. What will be the equilibrium price and equilibrium quantity in the free market?
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- The supply curve for sugar is given as Supply: Qs = 1750 + 24P and demand for sugar is given as Demand: Ds = 3270 – 26P; where P is
price in SR per kg. What will be theequilibrium price and equilibrium quantity in the free market?
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- Suppose that the demand curve for corn has the equation p = -0.29q+6.265 and the supply curve for corn has the equation p = 0.2q +2.1, where p is the price per bushel in dollars and q is the quantity (demanded or produced) in billions of bushels. (a) Find the quantities supplied and demanded when the price of corn is $3.40 per bushel. (b) Determine the quantity of corn that will be produced and the price at which it will sell. (a) The quantity supplied when the price of corn is $3.40 is (Round to the nearest whole number as needed.) billion bushels.Consider the market for gasoline. Suppose the market demand and supply curves are as given below. In each case, quantity refers to millions of litres of gasoline per month; price is the price per litre (in cents). Demand: P = 300-24Qº Supply: P = 120+8Q² Compute the equilibrium price and quantity. The equilibrium quantity is million litres. (Enter your response rounded to one decimal place.) The equilibrium price is cents per litre. (Enter your response rounded to the nearest cent.)With the recent war between Russia and Ukraine, the production and thus exports of wheat have declined (which increased the price of such exports), because Ukraine is the major producer and exporter of the same. As a result, what can we expect in the market for rice, used by many as a staple instead of wheat? a) The equilibrium price will increase, the equilibrium quantity will decrease b) The equilibrium price will increase, the equilibrium quantity will increase c) The equilibrium price will decrease, the equilibrium quantity will increase d) The equilibrium price will decrease, the equilibrium quantity will decrease
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