MICROECONOMICS
MICROECONOMICS
11th Edition
ISBN: 9781266686764
Author: Colander
Publisher: MCG
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?
Suppose that the U.S. government places a ceiling on the price of a medical drug of​ $7. ​1.) Using the point drawing tool​, plot the quantity supplied on the supply line and label it.   ​2.) Using the point drawing tool​, plot the quantity demanded on the demand line and label it.   ​3.) Using the double arrow line​, ​indicate, via a​ label, the shortage or surplus. Carefully follow the instructions​ above, and only draw the required objects.
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…
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