Question

In: Economics

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 DemandedPrice per BushelThousands of Bushels SuppliedSurplus (t) or Shortage (-)
88$3.4065
813.7071
754.0075
704.3078
664.6080
634.9081



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 3 years ago
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