<p>Refer to the table below. Fill in the surplus-shortage column (gray-shaded cells) </p><p><em>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. </em></p><p><table><thead><tr class="firstRow"><th style="text-align: center;">Thousands of Bushels Demanded</th><th style="text-align: center;">Price per Bushel</th><th style="text-align: center;">Thousands of Bushels Supplied</th><th style="text-align: center;">Surplus (t) or Shortage (-)</th></tr></thead><tbody><tr><td style="text-align: center;">88</td><td style="text-align: center;">$3.40</td><td style="text-align: center;">65</td><td style="text-align: center;"><br/></td></tr><tr><td style="text-align: center;">81</td><td style="text-align: center;">3.70</td><td style="text-align: center;">71</td><td style="text-align: center;"><br/></td></tr><tr><td style="text-align: center;">75</td><td style="text-align: center;">4.00</td><td style="text-align: center;">75</td><td style="text-align: center;"><br/></td></tr><tr><td style="text-align: center;">70</td><td style="text-align: center;">4.30</td><td style="text-align: center;">78</td><td style="text-align: center;"><br/></td></tr><tr><td style="text-align: center;">66</td><td style="text-align: center;">4.60</td><td style="text-align: center;">80</td><td style="text-align: center;"><br/></td></tr><tr><td style="text-align: center;">63</td><td style="text-align: center;">4.90</td><td style="text-align: center;">81</td><td style="text-align: center;"><br/></td></tr></tbody></table><br/></p><p>a. What is the equilibrium price in this market?</p>

Question

In: Economics

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?

Expert Solution

Rahul Sunny answered 2 years ago

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

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