Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Farmers in a country usually produced 100,000 bushels of soya beans per year at a market price of #50. The demand for this year is
Farmers in a country usually produced 100,000 bushels of soya beans per year at a market price of #50. The demand for this year is 150,000; this shortage led to a rise in price from #50 to #90. At this price, the demand and supply intersects. The number of unit sold at the new price was 125,000 bushels. What is the equilibrium price and units?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started