3Questions for Picture 1 A. What is the equilibrium price in this market?At what price is there neither a shortage more surplus?Questions for graph, picture 2(B)Instructions: enter all numeric values without a minus sign.C. Hoe big is the surplus or shortage at $3.40?There is a “shortage (or?) surplus” of ______ thousand of bushels.How big is the surplus or shortage at $4.90?There is a “shortage (or?) surplus” of ______ thousand of bushels.D. How big a surplus or a shortage resort if the price is $.60 higher than the equilibrium price?______ thousand of bushelsE. How big a surplus or a shortage resort if the price is $.30 higher than the equilibrium price?______ thousand of bushels Refer to the table below. Fill in the surplus-shortage column (gray-shaded cells).Instructions: Enter your answers as whole numbers. If you are entering any negative numbers be sure to include a negative sign (-) infront of those numbers.Thousands ofBushels DemandedThousands ofSurplus (+) orShortage (-)Price per BushelBushels Supplied88$3.4065813.7071754.0075704.3078664.6080634.9081 b. Graph the demand for wheat and the supply of wheat. Be sure to locate the equilibrium price and quantity.Instructions: Use the tools provided 'Supply' and 'Demand' to draw the demand and supply curves using the data in the table. Includeeach price-quantity combination. Each line should contain 6 reference points. Then use the tool provided 'Eq' to identify theequilibrium price and quantity.Market for Wheat5.5Tools5.0SupplyDemand4.5Eq4.03.53.05560657075808590Ouantity (thousands of bushels)Price (per bushel)

Surplus refers to a situation when the demanded quantity of a good falls short of its supplied…

Answered: What is the equilibrium price in this…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 18RQ: If the price is above line equilibrium level, would you predict a surplus or a shortage? If line...

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3 Questions for Picture 1 A. What is the equilibrium price in this market? At what price is there neither a shortage more surplus? Questions for graph, picture 2(B) Instructions: enter all numeric values without a minus sign. C. Hoe big is the surplus or shortage at $3.40? There is a “shortage (or?) surplus” of ______ thousand of bushels. How big is the surplus or shortage at $4.90? There is a “shortage (or?) surplus” of ______ thousand of bushels. D. How big a surplus or a shortage resort if the price is $.60 higher than the equilibrium price? ______ thousand of bushels E. How big a surplus or a shortage resort if the price is $.30 higher than the equilibrium price? ______ thousand of bushels

Refer to the table below. Fill in the surplus-shortage column (gray-shaded cells).
Instructions: Enter your answers as whole numbers. If you are entering any negative numbers be sure to include a negative sign (-) in
front of those numbers.
Thousands of
Bushels Demanded
Thousands of
Surplus (+) or
Shortage (-)
Price per Bushel
Bushels Supplied
88
$3.40
65
81
3.70
71
75
4.00
75
70
4.30
78
66
4.60
80
63
4.90
81

b. Graph the demand for wheat and the supply of wheat. Be sure to locate the equilibrium price and 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
Ouantity (thousands of bushels)
Price (per bushel)

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