Answered: Thousands Price Thousands Surplus (+)…

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

EBK HEALTH ECONOMICS AND POLICY

7th Edition

ISBN:9781337668279

Author:Henderson

Publisher:Henderson

Chapter11: The Market For Pharmaceuticals

Section: Chapter Questions

Problem 2QAP

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Question

Suppose the total demand for wheat and the total supply of wheat per month in the Kansas City grain market are as shown below: Why will $3.40 not be the equilibrium price in this market? Why not $4.90? “Surpluses drive prices up; shortages drive them down.” Do you agree?

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

Definition Video Definition Point where the demand and supply curves intersect. At the equilibrium price the quantity supplied of a good is equal to the quantity demanded. When the market is not in equilibrium, market surplus or market shortage occurs. The region that is above the price equilibrium indicates market surplus and the region below the price equilibrium indicates market shortage. Video

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