Chapter 1. WIO_Cowen_Chapter03

Step 1

Work it Out
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You must read each slide, and complete any questions on the slide, in sequence.

Question

The supply curve for rice is as follows:

Price (per 100 lb. bag) Quantity
$40 10,000
$60 15,000
$80 20,000
Table
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Step 2

Question

Price (per 100 lb. bag) Quantity
IUSUmTtK2l8= 10,000
eT7S7G6GSyg= 15,000
Q9ixxVNmCUI= 20,000
Table
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