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Answer the question on the basis of the given supply and demand data for wheat. Bushels Demanded Per Month Price Per Bushel Bushels Supplied Per Month 45 $5 77 50 73 56 68 61 2. 61 67 57 What would be the equilibrium price for this market? O 2 O 4 O 5 3. 3,

Answer the question on the basis of the given supply and demand data for wheat. Bushels Demanded Per Month Price Per Bushel Bushels Supplied Per Month 45 $5 77 50 73 56 68 61 2. 61 67 57 What would be the equilibrium price for this market? O 2 O 4 O 5 3. 3,

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Answer the question on the basis of the given supply and demand data for wheat.

 

What would be the eguilibrium price for this market?

**Supply and Demand Analysis for Wheat Market** **Task:** Answer the question based on the given supply and demand data for wheat. **Data Table:** | Bushels Demanded Per Month | Price Per Bushel ($) | Bushels Supplied Per Month | |----------------------------|----------------------|----------------------------| | 45 | 5 | 77 | | 50 | 4 | 73 | | 56 | 3 | 68 | | 61 | 2 | 61 | | 67 | 1 | 57 | **Question:** What would be the equilibrium price for this market? **Options:** - ○ 2 - ○ 4 - ○ 5 - ○ 3 **Explanation:** The equilibrium price is the price at which the quantity of wheat demanded equals the quantity of wheat supplied. From the table, at a price of $2, the quantity demanded (61 bushels) equals the quantity supplied (61 bushels). Therefore, the equilibrium price for this market is $2.
Transcribed Image Text:**Supply and Demand Analysis for Wheat Market** **Task:** Answer the question based on the given supply and demand data for wheat. **Data Table:** | Bushels Demanded Per Month | Price Per Bushel ($) | Bushels Supplied Per Month | |----------------------------|----------------------|----------------------------| | 45 | 5 | 77 | | 50 | 4 | 73 | | 56 | 3 | 68 | | 61 | 2 | 61 | | 67 | 1 | 57 | **Question:** What would be the equilibrium price for this market? **Options:** - ○ 2 - ○ 4 - ○ 5 - ○ 3 **Explanation:** The equilibrium price is the price at which the quantity of wheat demanded equals the quantity of wheat supplied. From the table, at a price of $2, the quantity demanded (61 bushels) equals the quantity supplied (61 bushels). Therefore, the equilibrium price for this market is $2.
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