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Thousands Price Thousands Surplus (+) of Bushels per of Bushels or Demanded 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

Thousands Price Thousands Surplus (+) of Bushels per of Bushels or Demanded 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

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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Suppose the total demand for wheat and the total supply of wheat per month in the Kansas City grain market are as shown below: Suppose government establishes a price floor of $4.60 for wheat. What will be the main effects of this price floor? Demonstrate your answer graphically.

Thousands Price Thousands Surplus (+) of Bushels per of Bushels or Demanded 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
Transcribed Image Text:Thousands Price Thousands Surplus (+) of Bushels per of Bushels or Demanded 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
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