1. Consider the market for soybeans in the United States. Suppose that marketdemand for soybeans can be represented by P = 70-12Q. In 2023, supply couldbe represented by MC = 5Q-15.a. (10 Points) What was the equilibrium price and quantity in 2023? What isConsumer and Producer Surplus in 2023?b. (5 Points) Suppose there is a "bumper crop" in 2024 and supply increasesto MC = 5Q-23.5. What will be the equilibrium price and quantity in 2024?

Part (a): Equilibrium in 20231. Find the Equilibrium Price and QuantityThe equilibrium occurs where…

Answered: 1. Consider the market for soybeans in…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1-ECON101
8. Total economic surplus The following diagram shows supply and demand in the market for tablets. Use the black point (plus symbol) to indicate the equilibrium price and quantity of tablets. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus.
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