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HW - Market Equil. and Policy Saved 13 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 iron 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. points a. Fill in the new supply schedule in the table using the "New Quantity of Steel Supplied" column. Market for U.S. Steel per ton) Price (dollars Initial Quantity of Steel Demanded Initial Quantity of Steel (millions of tons) (millions of tons) d New Quantity of Steel Supplied Print $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 1 . 5 580 1 . 8 1 .4 570 1 . 9 1 . 3 560 2 .0 1 . 2 . Market for U.S. Steel O 660 650 640 630 620 610 Price (dollars per ton) 600 590 580 570 560 550 O 0.9 1.1 1.3 1.5 1.7 1.9 2.1 2.3 Quantity (millions of tons) b. What are the initial equilibrium price and quantity in the steel market? P = $ per ton million tons of steel c. What are the new equilibrium price and quantity in the market? P = $ per ton Q = million tons of steel