e following table contains information about the wheat market:   Price per Bushel (dollars) Quantity Demanded (bushels) Quantity Supplied (bushels) $2 40,000         0   4 34,000   4,000   6 28,000   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   Draw and label a graph representing this market (demand curve, supply curve, etc.) What is the market price of wheat in this market, and what is the total revenue to farmers at that price? If the farmers then band together and set a price floor of $14 per bushel, what will their total revenue be? Label these two revenue areas on y

2. 2. The market for hamburgers has the following demand and supply schedule: Quantity Demanded 200 hamburgers Quantity Supplied 110 hamburgers Price $1.00 1.25 170 130 1.50 145 145 1.75 125 155 2.00 2.25 Graph the demand and supply curves. What is the equilibrium price and quantity in this 110 160 100 165 market?

labeled): Pricel P Market T This is a standard supply and demand graph that represents what's happening in a specific market (the current market price and quantity are + U W Y > X N Q Market Supply Demand Quantity

Discuss the spot market and its spread

Suppose the demand for French bread falls. Illustrate the effect this has on the market for French bread. Supply Demand Supply Demand Quantity of French Bread Producer surplus in the market for French bread Price of French Bread

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Suppose exceptionally good weather provides a much bigger than expected orange harvest. Instructions: Depict how this event will affect the market for oranges by dragging the appropriate curve in the graph. Price (S/orange) Ž I Market for oranges Quantity (oranges/week) $ What will happen to the equilibrium price and quantity of oranges? ↑ Equilibrium price will decrease and equilibrium quantity will increase. Equilibrium price will increase and equilibrium quantity will decrease. Both equilibrium price and equilibrium quantity will decrease. Both equilibrium price and equilibrium quantity will increase.

B1  Subject - economics

b) i. Draw a Demand and Supply diagram for Coffee Beans based on the demand and supply schedule below. Price ($/kg) Quantity Demanded (kg) Quantity Supplied (kg) 2 500,000 300,000 400,000 400,000 4 300,000 500,000 200,000 600,000 6 100,000 700,000 i. What is the equilibrium price and quantity of Coffee Beans? 3.