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.

Answered: Answer the question on the basis of the…

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. 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,