Business, 16.02.2021 03:20 sugar1014

The U. S. Department of Agriculture guarantees dairy producers that they will receive at least $1.00 per pound for butter they supply to the market. Below is the current monthly demand and supply schedules for wholesale butter (in millions of pounds per month). Market for Wholesale Butter Price (dollars per pound) Quantity of Butter Demanded (millions of pounds) Quantity of Butter Supplied (millions of pounds) $0.80 108 64 0.90 105 72 1.00 102 80 1.10 99 88 1.20 96 96 1.30 93 104 1.40 90 112 1.50 87 120 1.60 84 128 1.70 81 136 1.80 78 144 Instructions: Round your answer for price to 2 decimal places. Enter your answers for quantity as a whole number. a. What are the equilibrium price and quantity in the wholesale butter market

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