55.Assuming no change to demand, if the annual supply of feed corn from the October harvest is forecast to be 960 bushels, what will be the price of feed corn when the harvest is completed in early October?Write the answer in dollars and round off to one cent, for example write $3.45 or $4.42.

Answer: $2.68

Use 55 to ANSWER Questions 61-64

61.Suppose now that the annual supply of feed corn from the October harvest is forecast to again be 900 bushels.But now, reflecting the fact that there is greater demand for feed corn in the colder months, there is a seasonal pattern to demand as shown below in the monthly demand curves.

November, December, January, February, and March:Q_D = 120 - 2.4 Price

May, June, July, August, and September:Q_D = 60 - 3.8 Price

April and October:Q_D = 75 - 3.1 Price

What will be the price of feed corn when the harvest is completed in early October?Write the price in dollars and round-off to one cent, for example write $3.15 or $4.42.

Answer: $

62.With reference to question 61, what price is forecast for January?Write the price in dollars and round-off to one cent, for example write $3.15 or $4.42?

Answer:

63.With reference to question 61, what price is forecast for June?Write the price in dollars and round-off to one cent, for example write $3.45 or $4.42?

Answer:

64.With reference to questions 62 through 63, what is the forecast for the quantity demanded for the month of March?Write the quantity and round-off to two decimal places, for example write 34.76 or 52.17.

Answer: