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The graph below shows the market for oats. Price per bushel 12 11 10 9 8 7 6 4 3 2 1 0 10 30 20 40 50 80 ⁹0 100110120 70 90 60 Quantity per period (in millions of bushels) Tools S2

The graph below shows the market for oats. Price per bushel 12 11 10 9 8 7 6 4 3 2 1 0 10 30 20 40 50 80 ⁹0 100110120 70 90 60 Quantity per period (in millions of bushels) Tools S2

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
ChapterA: The Use Of Mathematics In Principles Of Economics
Section: Chapter Questions
Problem 3RQ: Exercise A3 What dome slices of a pie chart represent?
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es The graph below shows the market for oats. Price per bushel 12 11 10 9 8 10 432 S 4 0 10 50 70 100¹10120 30 90 80 60 40 20 Quantity per period (in millions of bushels) S Tools Sz Prev 4 of 8 # Next >
Transcribed Image Text:es The graph below shows the market for oats. Price per bushel 12 11 10 9 8 10 432 S 4 0 10 50 70 100¹10120 30 90 80 60 40 20 Quantity per period (in millions of bushels) S Tools Sz Prev 4 of 8 # Next >
a) At the present equilibrium, what is the total revenue received by farmers (in millions of dollars)? $ b) Suppose that the oat industry had a very good harvest and the supply increased by 30 million bushels. Draw the new supply curve in above shown graph. Plot only the endpoints of the curve above and position those points on the edges of the graphing area. c) What will be the new total revenue received by farmers (in millions of dollars)? $ d) What does this suggest about the elasticity of demand for oats? Demand is (Click to select) < Prev 4 of 8 SAMSUNG Next >
Transcribed Image Text:a) At the present equilibrium, what is the total revenue received by farmers (in millions of dollars)? $ b) Suppose that the oat industry had a very good harvest and the supply increased by 30 million bushels. Draw the new supply curve in above shown graph. Plot only the endpoints of the curve above and position those points on the edges of the graphing area. c) What will be the new total revenue received by farmers (in millions of dollars)? $ d) What does this suggest about the elasticity of demand for oats? Demand is (Click to select) < Prev 4 of 8 SAMSUNG Next >
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