https://ezto.mheduca Courses - IFREC Re.. Saved Help t Equilibrium and Policy Homework i W The monthly market for U.S. steel production (in millions of tons per month) is described in the table below. An increase in the price of ron ore, a critical input in the production of steel, shifts the supply curve to the left, decreasing supply by 200,000 tons at each price. (Hint: 200,000 tons = 0.2 million tons.) Instructions: Round your answers to 1 decimal place. a. Fill in the new supply schedule in the table using the "New Quantity of Steel Supplied" column. Book Print Market for U.S. Steel Price (dollars Initial Quantity of Steel Initial Quantity of Steel Now Quantity of Stool Supplied erences per ton) Demanded (millions of tons Supplied (millions of tons) (millions of tons) $650 1.1 2.1 640 1.2 2.0 630 1 . 3 1.9 620 1. 4 1 . 8 610 1.5 1 - 7 600 1. 6 1 . 6 590 1- 7 580 1 . 5 1 .8 570 1. 4 1.9 560 2.0 1-3 1 . 2 Market for U.S. Steel 660 Graw Hill 11 ONOPCEXWOL $809 MacBook Air 9 F2 20 F3 BOB F4 - F6 @ 44 F7 1 FB W# F9 F10 4) A 15 & F11 6 7 W 9 E O R T Y U P D F G H K B N M <