Microeconomics
Microeconomics
11th Edition
ISBN: 9781260507140
Author: David C. Colander
Publisher: McGraw Hill Education
Question
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Chapter 5.A, Problem 9QE

(a)

To determine

Impact of price of $3.

(b)

To determine

Impact of price of $1.50.

(c)

To determine

Impact of price of $2.25.

(d)

To determine

Impact of price of $2.50.

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Suppose the total demand for wheat and the total supply of wheat per month in the Kansas City grain market are as shown in the accompanying table.a. What is the equilibrium price? What is the equilibrium quantity? Fill in the surplus-shortage column and use it to explain why your answers are correct.b. Graph the demand for wheat and the supply of wheat. Be sure to label the axes of your graph correctly. Label equilibrium price P and equilibrium quantity Q. c. 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?
Refer to the following expanded table . a. 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. b. Graph the demand for wheat and the supply of wheat. Be sure to label the axes of your graph correctly. Label equilibrium price P and 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?
Surplus vs Shortage. Use the figure below to answer Questions 7 & 8. The figure below shows the Market for watermelons. Suppose sellers try to sell watermelons for $3/ pound. Market for Watermelons Price (5) 10 8 6 4 3 2 So Do 10 0 20 30 40 50 60 70 80 90 100 Quantity (thousands) At $3, the quantity demanded (QD) is At $3, the quantity supplied (Qs) is
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