The demand for a bushel of wheat in 1981 was given by the…

  The demand for a bushel of wheat in 1981 was given by the equation QD = 2700 – 200P.  The supply function is: QS= 1200 + 300P. a. The equilibrium quantity is: (please round to integer) b.At the equilibrium price, the absolute value of price elasticity of supply is (please enter the absolute value, please keep two decimal places) (Hint: price elasticity of supply= (dQ/dp)*(p/Q)) c. Now the government provides $1 to the sellers for every bushel sold on the market. What will be the new equilibrium price? $ (please only enter the value, please keep two decimal places)    

Bill currently uses his entire budget to purchase 5 cans of…

Bill currently uses his entire budget to purchase 5 cans of Pepsi and 3 hamburgers per week. The price of Pepsi is $1 per can, the price of a hamburger is $2, Bill’s marginal utility from Pepsi is 4, and his marginal utility from hamburgers is 6. Bill could increase his utility by: