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 Fillin the surplus-shortage column and use it to confirm your answers. nstructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in ront of those numbers. Thousands of Bushels Thousands of Bushels Supplied 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 p. Graph the demand for wheat and the supply of wheat. Be sure to locate the equilibrium price and equilibrium quantity. nstructions: 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 aquilibrium price and quantity. Market for Wheat 5.5 Tools 5.0 Supply Demand 4.5 Eq 4.0 3.5 3.0 55 60 80 85 55 65 70 75 90 Quantity (thousands of bushels) nstructions: Do not use a minus sign when entering your answers. . 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) 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) ]thousand bushels Price (per bushel)

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Tax Incidence Analysis

Tax incidence analysis is a kind of economic analysis. It helps to understand the division of tax burden between stakeholders. Tax incidence also relates to the price elasticity of demand and supply. The producers and consumers may valuate their tax burden with the help of tax incidence analysis. It also helps to calculate the burden of a new tax. It is the effect of a particular tax and analysis of tax occurrence in the economy.