ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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**Predicting High Prices in the Corn Market** **James**: I am feeling optimistic! I am going to predict the high price. **The Future**: Perfect! Let's see what the conditions are in this market. **The Future**: If we predict high prices, the market for corn can be summarized by this graph: **Kim**: Hi James, I'm back with more questions! If the graph above is the market for corn, when you take your corn to the grain elevator, what price will you get? ### Graph Explanation: The graph titled "Market for Corn: High Price" illustrates the relationship between the price of corn and the quantity of corn (in millions) in the market. - **Y-Axis (Vertical)**: Represents the price of corn in dollars, ranging from $0 to $8. - **X-Axis (Horizontal)**: Represents the quantity of corn in millions, ranging from 0 to 110 million. There are two lines on the graph: - **Supply Curve (S)**: The red line with an upward slope, indicating that as the quantity of corn increases, the price of corn also increases. - **Demand Curve (D)**: The blue line with a downward slope, indicating that as the quantity of corn increases, the price of corn decreases. The point where the supply and demand curves intersect represents the equilibrium price and quantity for corn. At this point, the balance between the quantity supplied and the quantity demanded determines the market price for corn. ### Question When you take your corn to the grain elevator, what price will you get? - **$4.00 per bushel of corn** - **$3.00 per bushel of corn** From the graph, it can be observed that the equilibrium price where the supply and demand curves intersect is $4.00 per bushel of corn.
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Transcribed Image Text:**Predicting High Prices in the Corn Market** **James**: I am feeling optimistic! I am going to predict the high price. **The Future**: Perfect! Let's see what the conditions are in this market. **The Future**: If we predict high prices, the market for corn can be summarized by this graph: **Kim**: Hi James, I'm back with more questions! If the graph above is the market for corn, when you take your corn to the grain elevator, what price will you get? ### Graph Explanation: The graph titled "Market for Corn: High Price" illustrates the relationship between the price of corn and the quantity of corn (in millions) in the market. - **Y-Axis (Vertical)**: Represents the price of corn in dollars, ranging from $0 to $8. - **X-Axis (Horizontal)**: Represents the quantity of corn in millions, ranging from 0 to 110 million. There are two lines on the graph: - **Supply Curve (S)**: The red line with an upward slope, indicating that as the quantity of corn increases, the price of corn also increases. - **Demand Curve (D)**: The blue line with a downward slope, indicating that as the quantity of corn increases, the price of corn decreases. The point where the supply and demand curves intersect represents the equilibrium price and quantity for corn. At this point, the balance between the quantity supplied and the quantity demanded determines the market price for corn. ### Question When you take your corn to the grain elevator, what price will you get? - **$4.00 per bushel of corn** - **$3.00 per bushel of corn** From the graph, it can be observed that the equilibrium price where the supply and demand curves intersect is $4.00 per bushel of corn.
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