Rachel A.

asked • 03/09/17

An economist models the market for corn by the following equations (p is price per bushel (in dollars), y is the

y is the number of bushels produced and sold (in billions):
Supply: y = 4.18 - 11.5
Demand: y= -1.06 p + 19.3
 
a) Based on the models, how much corn would be produced at a price of $3/bushel?
 
c) Based on the models, what price would be so low that no one would produce any corn?

1 Expert Answer

By:

Still looking for help? Get the right answer, fast.

Ask a question for free

Get a free answer to a quick problem.
Most questions answered within 4 hours.

OR

Find an Online Tutor Now

Choose an expert and meet online. No packages or subscriptions, pay only for the time you need.