B 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)

a.Equilibrium price=$4 per bushel. b.at price of $4,there is no shortage or surplus.

Refer to the table below. a. What is the equilibrium price in this market? 24 per bushel At what price is there neither a shortage nor a surplus? 24 per bushel Fill 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 (-) in front of those numbers. Thousands of Bushels Th nds of Bushels Surplus (+) or Shortage (-) Demanded Price per Bushel Supplied 85 $3.40 72 80 3.70 73 75 4.00 75 70 4.30 77 65 4.60 79 60 4.90 81 b. Graph the demand for wheat and the supply of wheat. Be sure to locate the equilibrium price and equilibrium quantity.

Refer to the table below. a. What is the equilibrium price in this market? 24 per bushel At what price is there neither a shortage nor a surplus? 24 per bushel Fill 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 (-) in front of those numbers. Thousands of Bushels Th nds of Bushels Surplus (+) or Shortage (-) Demanded Price per Bushel Supplied 85 $3.40 72 80 3.70 73 75 4.00 75 70 4.30 77 65 4.60 79 60 4.90 81 b. Graph the demand for wheat and the supply of wheat. Be sure to locate the equilibrium price and equilibrium quantity.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Refer to the table below.
a. What is the equilibrium price in this market?
per bushel
At what price is there neither a shortage nor a surplus?
per bushel
Fill 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 (-) in
front of those numbers.
Thousands of Bushels
Supplied
Thousands of Bushels
Surplus (+) or
Shortage (-)
Demanded
Price per Bushel
85
$3.40
72
80
3.70
73
75
4.00
75
70
4.30
77
65
4.60
79
60
4.90
81
b. 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. Include
each price-quantity combination. Each line should contain 6 reference points. Then use the tool provided 'Eq' to identify the
equilibrium price and quantity.
Market for Wheat
5.5
Tools
5.0
Supply
Demand
4.5
Eq
4.0
3.5
3.0
55 60
75 80
65
70
85 90
Quantity (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.
of
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
Price (per bushel)

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