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 Demanded | Price per Bushel | Thousands of Bushels Supplied | Surplus (+) or Shortage (-) |
|---|---|---|---|
| 85 | $3.40 | 72 | - |
| 80 | 3.70 | 73 | - |
| 75 | 4.00 | 75 | - |
| 70 | 4.30 | 77 | - |
| 65 | 4.60 | 79 | - |
| 60 | 4.90 | 81 |
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
Rahul Sunny answered 2 years agoRelated Solutions
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