What is the equilibrium price? At what price is there neither a shortage nor a surplus? Fill in the surplus-shortage column and use it to confirm your answers. Graph the demand for wheat and the supply for wheat. Be sure to label the axes of your graph correctly. Label equilibrium price P and equilibrium quantity Q. How big is the surplus or shortage at $3.40? At 4.90? How big a surplus or shortage results if the price is 60 cents lower than the equilibrium price? Thousands Thousands Surplus (+) of Bushels Price 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 __________
- What is the
equilibrium price ? At what price is there neither a shortage nor a surplus? Fill in the surplus-shortage column and use it to confirm your answers. - Graph the demand for wheat and the supply for wheat. Be sure to label the axes of your graph correctly. Label equilibrium price P and equilibrium quantity Q.
- How big is the surplus or shortage at $3.40? At 4.90? How big a surplus or shortage results if the price is 60 cents lower than the equilibrium price?
Thousands Thousands Surplus (+)
of Bushels Price 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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