Meaghan Beil
New member
Qd = 500 - 3P? (a) Calculate the equilibrium price and quantity in this market.
(b) Calculate the consumer surplus given the equilibrium price.
(c) Calculate the elasticity of demand and of supply at the equilibrium point.
(d) Given the elasticities you calculated above, can you tell whether a leftward shift of the supply curve would lead to more or less spending on corn?
(e) Suppose the government introduces a price floor of 130. What is the new equilibrium quantity traded?
i am SOOO confused on how to do any of this!!! if someone could please help me with any of these questions!! thank you sooo much!! you are all the best
(b) Calculate the consumer surplus given the equilibrium price.
(c) Calculate the elasticity of demand and of supply at the equilibrium point.
(d) Given the elasticities you calculated above, can you tell whether a leftward shift of the supply curve would lead to more or less spending on corn?
(e) Suppose the government introduces a price floor of 130. What is the new equilibrium quantity traded?
i am SOOO confused on how to do any of this!!! if someone could please help me with any of these questions!! thank you sooo much!! you are all the best