1. The table below shows the quantity demanded and quantity supplied of wheat at various prices. Price Quantity Demanded Quantity Supplied 0.5 90 30 1 80 50 1.5 70 70 2 60 90 2.5 50 110 a) What is the equilibrium price and quantity in this market? How can you tell? b) If the price in the market is $0.5, is there an excess demand or an excess supply? How large is the excess demand or excess supply? Show all your work. Show this situation on a graph.
1. The table below shows the quantity demanded and quantity supplied of wheat at various prices.
0.5 90 30
1 80 50
1.5 70 70
2 60 90
2.5 50 110
a) What is the
b) If the price in the market is $0.5, is there an excess
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