Question

In: Economics

Refer to the expanded table below from review question

Additional information: This is pertaining to Microeconomics.

Citrus College 


Refer to the expanded table below from review question

Thousands or Bushels DemandedPrice per BushelThousands of Bushels SuppliedSurplus (+) or Shortage (-)
85$3.4072-
803.7073-
754.0075-
704.3077-
654.6079-
604.9081

a. At what price is there neither a shortage nor a surplus? Fill in the surplus-shortage column and use it to confirm your answers. 

b. Graph the demand for wheat and the supply of wheat. Be sure to label the axes of your graph correctly. Label equilibrium price P and equilibrium quantity Q. 

c. How big is the surplus or shortage at $3.40? At $4.90? How big a surplus or shortage results if the price is 60 cents higher than the equilibrium price? 30 cents lower than the equilibrium price?

Solutions

Expert Solution

Rahul Sunny answered 2 years ago
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