ECONOMICS W/CONNECT+20 >C<
20th Edition
ISBN: 9781259714993
Author: McConnell
Publisher: MCG CUSTOM
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Chapter 3, Problem 6P
To determine
Equilibrium price and quantity.
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3. Refer to the expanded table below from review question 8.
LO3.4
a. What is the equilibrium price? At what price is there nei-
ther a shortage nor a surplus? Fill in the surplus-shortage
column and use it to confirm your answers.
b. Graph the demand for wheat and the supply of wheat. Be
sure to label the axes of your graph correctly. Label equi-
librium price Pand equilibrium quantity Q.
c. 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 higher than the equilibrium price? 30 cents lower
than the equilibrium price?
Thousands
of Bushels
Surplus (+)
or
Shortage (-)
Thousands
Price per
Bushel
of Bushels
Supplied
Demanded
85
$3.40
72
80
3.70
73
75
4.00
75
70
4.30
77
65
4.60
79
60
4.90
81
Let (inverse) demand be Pb = 113 - 4 Qb and (inverse) supply be Pv = 27. What quantity are
sellers willing to sell at price below $ 27 per unit?
Answer: your answer
Submit
Price ($)
$120
$100
$80
$60
$40
$ 20
$0
0
LO
5
Demand
e
Quantity
10
Supply
15
Quantity
Eqm
20
25
30
...
Chapter 3 Solutions
ECONOMICS W/CONNECT+20 >C<
Ch. 3.6 - Prob. 1QQCh. 3.6 - Prob. 2QQCh. 3.6 - Prob. 3QQCh. 3.6 - Prob. 4QQCh. 3.A - Prob. 1ADQCh. 3.A - Prob. 2ADQCh. 3.A - Prob. 3ADQCh. 3.A - Prob. 4ADQCh. 3.A - Prob. 5ADQCh. 3.A - Prob. 6ADQ
Ch. 3.A - Prob. 7ADQCh. 3.A - Prob. 1ARQCh. 3.A - Prob. 2ARQCh. 3.A - Prob. 3ARQCh. 3.A - Prob. 4ARQCh. 3.A - Prob. 5ARQCh. 3.A - Prob. 6ARQCh. 3.A - Prob. 1APCh. 3.A - The following table shows two demand schedules for...Ch. 3.A - Prob. 3APCh. 3 - Prob. 1DQCh. 3 - Prob. 2DQCh. 3 - Prob. 3DQCh. 3 - Prob. 4DQCh. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - Prob. 8DQCh. 3 - Prob. 1RQCh. 3 - Prob. 2RQCh. 3 - Prob. 3RQCh. 3 - Prob. 4RQCh. 3 - Prob. 5RQCh. 3 - Prob. 6RQCh. 3 - Prob. 7RQCh. 3 - Prob. 8RQCh. 3 - Prob. 9RQCh. 3 - Prob. 1PCh. 3 - Prob. 2PCh. 3 - Prob. 3PCh. 3 - Prob. 4PCh. 3 - Prob. 5PCh. 3 - Prob. 6PCh. 3 - Prob. 7P
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