I need to find the market equilibrium on this homework Refer to the table below.a. What is the equilibrium price in this market?$ 4.00 per bushelAt what price is there neither a shortage nor a surplus?$ 4.30 per bushelFill in the surplus-shortage column and use it to confirm your answers.Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) infront of those numbers.Thousands of BushelsDemanded858075706560Price per Bushel$3.403.704.004.304.604.90Thousands of BushelsSupplied727375777981Surplus (+) orShortage (-)0

Given,Thousands of Bushels DemandedPrice per BushelThousands of Bushels SuppliedSurplus (+) or…

Answered: a. What is the equilibrium price in…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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I need to find the market equilibrium on this homework

Refer to the table below.
a. What is the equilibrium price in this market?
$ 4.00 per bushel
At what price is there neither a shortage nor a surplus?
$ 4.30 per bushel
Fill in the surplus-shortage column and use it to confirm your answers.
Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in
front of those numbers.
Thousands of Bushels
Demanded
85
80
75
70
65
60
Price per Bushel
$3.40
3.70
4.00
4.30
4.60
4.90
Thousands of Bushels
Supplied
72
73
75
77
79
81
Surplus (+) or
Shortage (-)
0

Definition Video Formula Definition Phenomenon in which market supply and demand balance each other. Market equilibrium is the economic state in which the market demand curve intersects the market supply curve, giving us the equilibrium price and equilibrium quantity for which a commodity can be sold and purchased in an economy. When market equilibrium is achieved, it suggests that all resources have been allocated efficiently and that there is just a distribution of income and resources in the economy. Video Formula

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