Price per bushel (in $) Quantity Demanded (bushels) 40,000 36,000 30,000 24,000 Quantity Supplied (bushels) 4 4,000 6. 8,000 16,000 8. 10 20,000 20,000 28,000 36,000 12 18,000 14 12,000 16 6,000 40,000 a) What are the equilibrium price and quantity of wheat? Answer: the equilibrium price is $10, and quantity of wheat is $2000 bushels. b) Suppose the prevailing price is US$12 per bushel. Is there a shortage or a surplus in the market? Answer: c) What is the quantity of the shortage or surplus? Answer: d) How many bushels will be sold if the market price is USS4 per bushel? Answer:

Price per bushel (in $) Quantity Demanded (bushels) 40,000 36,000 30,000 24,000 Quantity Supplied (bushels) 4 4,000 6. 8,000 16,000 8. 10 20,000 20,000 28,000 36,000 12 18,000 14 12,000 16 6,000 40,000 a) What are the equilibrium price and quantity of wheat? Answer: the equilibrium price is $10, and quantity of wheat is $2000 bushels. b) Suppose the prevailing price is US$12 per bushel. Is there a shortage or a surplus in the market? Answer: c) What is the quantity of the shortage or surplus? Answer: d) How many bushels will be sold if the market price is USS4 per bushel? Answer:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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