Instructlons: Use the tools provided 'Supply' and 'Demand' to draw the demand and supply curves using the data in the table. Include each price-quantity combination. Each line should contaln 6 reference polnts. Then use the tool provided 'Eq' to Identify the equilibrlum price and quantity. Market for Wheat Tools 5.5 5.0 Demand Supply 4.5 Eq 4.0 3.5 3.0 55 60 65 70 75 80 85 90 Quantity (thousands of bushels) Price (per bushel)

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Instructions: Enter your answers as whole numbers. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers.

 
 
Thousands of Bushels Demanded Price per Bushel Thousands of Bushels Supplied Surplus (+) or Shortage (-)
88 $3.40 65  
81 3.70 71  
75 4.00 75  
70 4.30 78  
66 4.60 80  
63 4.90 81  

a. What is the equilibrium price in this market?

 

    

 

At what price is there neither a shortage nor a surplus?

 

b. Graph the demand for wheat and the supply of wheat. Be sure to locate the equilibrium price and quantity.

 

Instructions: Enter all numeric values without a minus sign.

 

c. How big is the surplus or shortage at $3.40?

   There is a

of

  

 



 
  How big is the surplus or shortage at $4.90?

  There is a

of

 

 



d. How big a surplus or shortage results if the price is 60 cents higher than the equilibrium price?

 

 

 

 

e. How big a surplus or shortage results if the price is 30 cents lower than the equilibrium price?

 

 

 

 

Instructlons: Use the tools provided 'Supply' and 'Demand' to draw the demand and supply curves using the data in the table. Include
each price-quantity combination. Each line should contaln 6 reference polnts. Then use the tool provided 'Eq' to Identify the
equilibrlum price and quantity.
Market for Wheat
Tools
5.5
5.0
Demand
Supply
4.5
Eq
4.0
3.5
3.0
55
60
65
70
75
80
85
90
Quantity (thousands of bushels)
Price (per bushel)
Transcribed Image Text:Instructlons: Use the tools provided 'Supply' and 'Demand' to draw the demand and supply curves using the data in the table. Include each price-quantity combination. Each line should contaln 6 reference polnts. Then use the tool provided 'Eq' to Identify the equilibrlum price and quantity. Market for Wheat Tools 5.5 5.0 Demand Supply 4.5 Eq 4.0 3.5 3.0 55 60 65 70 75 80 85 90 Quantity (thousands of bushels) Price (per bushel)
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