ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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1. Consider the market for soybeans in the United States. Suppose that market
demand for soybeans can be represented by P = 70-12Q. In 2023, supply could
be represented by MC = 5Q-15.
a. (10 Points) What was the equilibrium price and quantity in 2023? What is
Consumer and Producer Surplus in 2023?
b. (5 Points) Suppose there is a "bumper crop" in 2024 and supply increases
to MC = 5Q-23.5. What will be the equilibrium price and quantity in 2024?
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Transcribed Image Text:1. Consider the market for soybeans in the United States. Suppose that market demand for soybeans can be represented by P = 70-12Q. In 2023, supply could be represented by MC = 5Q-15. a. (10 Points) What was the equilibrium price and quantity in 2023? What is Consumer and Producer Surplus in 2023? b. (5 Points) Suppose there is a "bumper crop" in 2024 and supply increases to MC = 5Q-23.5. What will be the equilibrium price and quantity in 2024?
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