Price per bushelQuantity Demanded (bushels)Quantity Supplied (bushels)US$240,0000436,0004,000630,0008,000824,00016,0001020,00020,0001218,00028,0001412,00036,000166,00040,0002. Refer to Table 1-2. The table contains information about
the wheat market. Use the table to answer the following
questions.a. What are the equilibrium price and quantity of wheat?b. Suppose the prevailing price is US$6 per bushel. Is there a
shortage or a surplus in the market?c. What is the quantity of the shortage or surplus?d. How many bushels will be sold if the market price is US$6
per bushel?e. If the market price...