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Please help with the part (f) of the question. Thanks a. What is the equilibrium price of potash? $ 300 b. How much potash would
Please help with the part (f) of the question. Thanks
a. What is the equilibrium price of potash? $ 300 b. How much potash would actually be purchased it the price was $280 per tonne? 6.0 million tonnets) c. How much potash would actually be sold ifthe price was $320 per tonne? 6.0 million tonnets) d. At a price of $280 per tonne, is there excess supply or demand? How much? There is 4.0 million tonnets) of excess demand . e. At a price of $320 per tonne, is there excess supply or demand? How much? There is 4.0 million tonnets) of excess supply f. If the price is $280 per tonne, describe the forces that will cause the price to change. Purchasers will offer than the prevailing price to other purchasers. Sellers will ask a price for the quantities that they do have to sell. In other words,excess demand causes upward pressure nn nrir'n Quantity Quantity Price Supplied Demanded [S per tonne} (million tonnes} (million tonnes} 270 5.0 11.0 280 6.0 10.0 290 7.0 9.0 300 8.0 8.0 310 9.0 7.0 320 10.0 6.0Step by Step Solution
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