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The graph below shows the market for soya beans: Plot the two end points using the tool provided in the graphing area below. Plot only the end points of the curve and position those points on the edge of the graphing area.

The graph below shows the market for soya beans: Plot the two end points using the tool provided in the graphing area below. Plot only the end points of the curve and position those points on the edge of the graphing area.

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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7 10 points ebook Print References The graph below shows the market for soya beans: Plot the two end points using the tool provided in the graphing area below. Plot only the end points of the curve and position those points on the edge of the graphing area. Price per kilo 16 14 12 10 8 6 4 2 0 25 175 200 Soya beans (millions of kilos) 75 50 100 125 150 D 225 275. 250 300 Tools line 4
Transcribed Image Text:7 10 points ebook Print References The graph below shows the market for soya beans: Plot the two end points using the tool provided in the graphing area below. Plot only the end points of the curve and position those points on the edge of the graphing area. Price per kilo 16 14 12 10 8 6 4 2 0 25 175 200 Soya beans (millions of kilos) 75 50 100 125 150 D 225 275. 250 300 Tools line 4
a) Suppose that due to a bad harvest the supply of soya beans is reduced by 50 percent. (The quantities at every price are one-half of what they are at present.) Draw the new supply curve in the graph above. b) As a result of the drop in supply, what are the new equilibrium price and quantity? New equitum price: $ 45 New equilibrium quantity: [
Transcribed Image Text:a) Suppose that due to a bad harvest the supply of soya beans is reduced by 50 percent. (The quantities at every price are one-half of what they are at present.) Draw the new supply curve in the graph above. b) As a result of the drop in supply, what are the new equilibrium price and quantity? New equitum price: $ 45 New equilibrium quantity: [
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