C Refer to the table below.a. What is the equilibrium price in this market?per bushelAt what price is there neither a shortage nor a surplus?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 BushelsSuppliedThousands of BushelsSurplus (+) orShortage (-)DemandedPrice per Bushel85$3.4072803.7073754.0075704.3077654.6079604.9081b. Graph the demand for wheat and the supply of wheat. Be sure to locate the equilibrium price and equilibrium quantity.Instructions: Use the tools provided 'Supply and 'Demand' to draw the demand and supply curves using the data in the table. Includeeach price-quantity combination. Each line should contain 6 reference points. Then use the tool provided 'Eq' to identify theequilibrium price and quantity.Market for Wheat5.5Tools5.0SupplyDemand4.5Eq4.03.53.055 6075 80657085 90Quantity (thousands of bushels)Instructions: Do not use a minus sign when entering your answers.c. How big is the surplus or shortage at $3.40?There is a(Click to select)thousand bushels.ofHow big is the surplus or shortage at $4.90?There is a(Click to select)thousand bushels.How big a surplus or shortage results if the price is 60 cents higher than the equilibrium price?There is a(Click to select)|thousand bushelsHow big a surplus or shortage results if the price is 30 cents lower than the equilibrium price?There is a(Click to select)ofthousand bushelsPrice (per bushel)

As quantity demanded is higher than quantity supplied, it would result in shortage. As quantity…

c. How big is the surplus or shortage at $3.40? There is a (Click to select) ]thousand bushels. How big is the surplus or shortage at $4.90? There is a (Click to select) ]thousand bushels. How big a surplus or shortage results if the price is 60 cents higher than the equilibrium price? There is a (Click to select) ]thousand bushels How big a surplus or shortage results if the price is 30 cents lower than the equilibrium price? There is a (Click to select) of thousand bushels

c. How big is the surplus or shortage at $3.40? There is a (Click to select) ]thousand bushels. How big is the surplus or shortage at $4.90? There is a (Click to select) ]thousand bushels. How big a surplus or shortage results if the price is 60 cents higher than the equilibrium price? There is a (Click to select) ]thousand bushels How big a surplus or shortage results if the price is 30 cents lower than the equilibrium price? There is a (Click to select) of thousand bushels

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 21P

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