Question
the dairy market in a midsize county is such that consumers purchase all their dairy products from the local farm. consider that the market for
the dairy market in a midsize county is such that consumers purchase all their dairy products from the local farm. consider that the market for cheese is currently in equilibrium and it is described by the following equations. Q=490-15p-0.5m and q=-190+25pwhere p is the price per pound, q is the quantity measured in pounds per week , m is the median weekly spending income on dairy products and it is currently $160. suppose the price of whey ( a complement in production) decrease at the same time, the median weekly spending income increases. the market is in equilibrium after these events. in general what is the expected market outcome from these two events?
In general, one would expect, demand will ____, supply will ___, the equilibrium price will ____ and the equilibrium quantity will ____. Furthermore, one would expect the total revenue from the sellers in the market to ___.
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