1, what will be William Howe's accounting profit 3. Using the information in question for the summer? A. $9,400 B. $4,400 C$15.400 D. $10.400 E none of the above 8. Using the information in question #5, if the price of what is set at $2.00 per bushel the market will have A shortage of 1 billion bushel B. a surplus of 1 billion bushell C. a shortage of 0.6 billion bushell D. a surplus of 0.6 billion buchen E. none of the above 4. Using the information in question 1, what will be William Howe's economic profit for the summer? A 9400 B. $4,400. C$15.400 D. $10,400 E none of the above, 9. From November 2007 to March 2008, the price of gold increased from $865 an ounce to over $1,000 per ounce. The increase in price had little to do with the increase in demand from the jewelry Industry but significant increase from investors who looked at gold as safe heaven to invest in. The increase in the price of gold was due to A. an increase in the supply of gold B. an increase in the demand for gold. C. a decrease in the demand for gold D a decrease in the supply of gold, E none of the above. 5. Thelemand and supply functions for what are as follows: OP-4.5 -0.4P Q -15+06P, where is the quantity supplied of wheat (in billions of bushell is the quantity demanded of wheat in billions of bushels), and is the farm price of wheat in dollars per bushel) What is the equilibrium price of what? A S8 per bushel. H. S6 per bushel. C. $5 per bushel. D. $3 per bushel E none of the above 10. Using the information in questioni, did the increase in the price of gold affect the supply curve for gold jewelry? If so, how? A No effect on the supply of gold jewelry B. An increase in the supply of gold jewelry. C. Adecrease in the supply of gold jewelry. D. None of the above. 11. The Miller Corporation makes two products: paper and cardboard. The relationship between the firm's annual profit in thousands of dollars, and its output of each good -80 +500, +40 -80,-60/ -29.03 6. Using the information in question 5, what is the equilibrium quantity of wheat sold? A 3.3 billion bushels. H. 3.7 billion bushels. C. 39 bilietushels D. 2.9 billion bushels. E none of the above. where and is the firm's awal output of paper in tons), is the firm's annual output of cardboard in tons). 7. Using the information in questions, if the price of wheat is set at $4.00 per bushel the market will have A. a shortage of 1 billion bushel. B. a surplus of 1 billion bushel. Ca shortage of 0.6 billion bushel. D. a surplus of 0.6 billion bushel E none of the above. How much paper should the Miller Corporation produce in order to maximize profit? A. 2.766 tons. B. 2.856 tons. C. 3,766 tons. D 28672 tons E. None of the above. The demand and supply functions for wheat are as follows: QRw = 4.5 -0.4 p Qxx = 1.5 +0.6 P, where Q w is the quantity supplied of wheat (in billions of bushels), Box is the quantity demanded of wheat (in billions of bushels), and Pw is the farm price of wheat (in dollars per bushel) What is the equilibrium price of wheat? A. $8 per bushel. B. $6 per bushel. C. $5 per bushel. D. $3 per bushel. E. none of the above. 6. Using the information in question #5, what is the equilibrium quantity of wheat sold? A. 3.3 billion bushels. B.3.7 billion bushels. C. 3.9 billion bushels. D.2.9 billion bushels. E. none of the above. 7. Using the information in question #5, if the price of wheat is set at $4.00 per bushel, the market will have A. a shortage of 1 billion bushel. B. a surplus of 1 billion bushel. C. a shortage of 0.6 billion bushel. D. a surplus of 0.6 billion bushel. E none of the above. E. none of the above. B. $6 per bushel. C. $5 per bushel. D. $3 per bushel. E. none of the above. 2. Using the information in question #1, what will be William Howe's explicit and implicit cost for the summer? A. $5,000; $13,000, respectively. B. $5,000; $7,000, respectively C. $13,000; $5,000, respectively. D. $7,000; $5,000, respectively. E. none of the above. 6. Using the information in question #5, what is the equilib- rium quantity of wheat sold? A. 3.3 billion bushels. B. 3.7 billion bushels. C. 3.9 billion bushels. D. 2.9 billion bushels. E. none of the above. 3. Using the information in question #1, what will be William Howe's accounting profit for the summer? A. $9,400. B. $4,400. C. $15,400. D. $10,400 E. none of the above. 7. Using the information in question #5, if the price of wheat is set at $4.00 per bushel, the market will have A. a shortage of 1 billion bushel. B. a surplus of 1 billion bushel. C. a shortage of 0.6 billion bushel. D. a surplus of 0.6 billion bushel. E. none of the above. 8. Using the information in question #5, if the price of wheat is set at $2.00 per bushel, the market will have A. a shortage of 1 billion bushel. B. a surplus of 1 billion bushel. C. a shortage of 0.6 billion bushel. D. a surplus of 0.6 billion bushel. E. none of the above. 4. Using the information in question #1, what will be William Howe's economic profit for the summer? A. $9,400. B. $4,400. C. $15,400. D. $10,400 E. none of the above. 5. The demand and supply functions for wheat are as follows: Qw = 4.5 -0.4 P Q'w = 1.5 +0.6 P, where Q w is the quantity supplied of wheat (in billions of bushels), Qx is the quantity demanded of wheat (in billions of bushels), and Pw is the farm price of wheat (in dollars per bushel) What is the equilibrium price of wheat? A. $8 per bushel. 9. From November 2007 to March 2008, the price of gold in- creased from $865 an ounce to over $1,000 per ounce. The increase in price had little to do with the increase in demand from the jewelry industry but significant increase from inves tors who looked at gold as safe heaven to invest in. The in- crease in the price of gold was due to A. an increase in the supply of gold. B. an increase in the demand for gold