How big is the surplus or shortage at $3.40?

Refer to the table below. Fill in the surplus-shortage column (gray-shaded cells)

Instructions: Enter your answers as whole numbers. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers.

Thousands of Bushels Demanded	Price per Bushel	Thousands of Bushels Supplied
88	$3.40	65
81	3.70	71
75	4.00	75
70	4.30	78
66	4.60	80
63	4.90	81

a. What is the equilibrium price in this market? At what price is there neither a shortage nor a surplus?

How big is the surplus or shortage at $3.40?

There is a (Click to select) shortage surplus of

How big is the surplus or shortage at $4.90?

There is a (Click to select) shortage surplus of

d. How big a surplus or shortage results if the price is 60 cents higher than the equilibrium price?

e. How big a surplus or shortage results if the price is 30 cents lower than the equilibrium price?

Solutions

Expert Solution

Rahul Sunny answered 2 years ago

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