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Refer to the table below. a. What is the equilibrium price in this market? 2$ 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 Thousands of Bushels Supplied Surplus (+) or Demanded Price per Bushel Shortage (-). 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 65 70 75 80 85 90 Quantity (thousands of bushels) Price (per bushel)

Refer to the table below. a. What is the equilibrium price in this market? 2$ 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 Thousands of Bushels Supplied Surplus (+) or Demanded Price per Bushel Shortage (-). 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 65 70 75 80 85 90 Quantity (thousands of bushels) Price (per bushel)

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Refer to the table below. a. What is the equilibrium price in this market? 2$ 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 Thousands of Bushels Surplus (+) or Demanded Price per Bushel Supplied Shortage (-) 85 $3.40 72 80 3.70 73 75 4.00 75 70 4.30 77 65 4.60 79 60 4.90 81 b. Graph the demand for wheat and the supply of wheat. Be sure to locate the equilibrium price and equilibrium quantity. Instructions: Use the tools provided 'Supply' and 'Demand' to draw the demand and supply curves using the data in the table. Include each price-quantity combination. Each line should contain 6 reference points. Then use the tool provided 'Eq' to identify the equilibrium price and quantity. Market for Wheat 5.5 Tools 5.0 Supply Demand 4.5 Eq 4.0 3.5 3.0 55 60 65 70 75 80 85 90 Quantity (thousands of bushels) Price (per bushel)
Transcribed Image Text:Refer to the table below. a. What is the equilibrium price in this market? 2$ 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 Thousands of Bushels Surplus (+) or Demanded Price per Bushel Supplied Shortage (-) 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 65 70 75 80 85 90 Quantity (thousands of bushels) Price (per bushel)
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) vof thousand bushels. How big is the surplus or shortage at $4.90? There is a (Click to select) ♥ of 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) ♥| of 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
Transcribed Image Text: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) vof thousand bushels. How big is the surplus or shortage at $4.90? There is a (Click to select) ♥ of 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) ♥| of 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
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