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
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
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
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
Transcribed Image Text: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
Transcribed Image Text: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)
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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