Question
the market for wheat has been estimated to have the following supply and demand conditions: Supply: P= 10 + 0.01Q Demand: P= 100- 0.01Q Where
the market for wheat has been estimated to have the following supply and demand conditions:
Supply: P= 10 + 0.01Q
Demand: P= 100- 0.01Q
Where P represents price per unit in dollars, and Q represents sales per week in tons. What is the amount of shortage or surplus that would develop at P=$40/ton
A. Shortage 3000 tons/week
B. Surplus 5000 tons/week
C. Shortage 5000 tons/week
D. Surplus 3000 tons/week
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Managerial Economics Theory Applications and Cases
Authors: Bruce Allen, Keith Weigelt, Neil A. Doherty, Edwin Mansfield
8th edition
978-0393124491, 393124495, 978-0039391277, 393912779, 978-0393912777
