Price per bushel Quantity Demanded (bushels) Quantity Supplied (bushels) US$2 40,000 0 4 36,000 4,000 6 30,000 8,000 8 24,000 16,000 10 20,000 20,000 12 18,000 28,000 14 12,000 36,000 16 6,000 40,000 Suppose the market price is US$14 per bushel. Is there a shortage or a surplus in the market? What is the quantity of the shortage or surplus? If the market price is US$14 per bushel, what must happen to restore equilibrium in the market?

Price per bushel Quantity Demanded (bushels) Quantity Supplied (bushels) US$2 40,000 0 4 36,000 4,000 6 30,000 8,000 8 24,000 16,000 10 20,000 20,000 12 18,000 28,000 14 12,000 36,000 16 6,000 40,000 Suppose the market price is US$14 per bushel. Is there a shortage or a surplus in the market? What is the quantity of the shortage or surplus? If the market price is US$14 per bushel, what must happen to restore equilibrium in the market?

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter5: Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 2.5P: (Determinants of Price Elasticity) Would the price elasticity of demand for electricity be more...

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an Layout References Mailings Review View Help CA ..A following questions. Quantity Demanded (bushels) 40,000 Price per bushel (in $) Quantity Supplied (bushels) 2 4 36,000 4,000 6. 30,000 24,000 8,000 16,000 10 20,000 20,000 28,000 36,000 40,000 12 18,000 14 12,000 16 6,000 a) What are the equilibrium price and quantity of wheat? Answer: the equilibrium price is $10, and quantity of wheat is $2000 bushels. b) Suppose the prevailing price is US$12 per bushel. Is there a shortage or a surplus in the market? Answer: c) What is the quantity of the shortage or surplus? Answer: d) How many bushels will be sold if the market price is US$4 per bushel? Answer: ited States) B Focus REDMI NOTE 9 AI QUAD CAMERA 144
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*Price per bushel*	*Quantity Demanded* *(bushels)*	*Quantity Supplied (bushels)*
US$2	40,000	0
4	36,000	4,000
6	30,000	8,000
8	24,000	16,000
10	20,000	20,000
12	18,000	28,000
14	12,000	36,000
16	6,000	40,000