The table below shows the total demand and supply for bushels of wheat per month. Price per bushel (S) Demand Supply (*000) ('000) 85 3.40 72 80 3.70 73 75 4.00 75 70 4.30 77 65 4.60 79 60 4.90 81 Required: (i) Explain what is the situation that arises when the product price is

help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working

13. The variety of supply curves The following graph displays four supply curves (LL, MM, NN, and OO) that intersect at point V. PRICE (Dollars per unit) 20 18 16 14 12 10 8 4 2 0 10 M 2 4 N + 8 10 12 QUANTITY (Units) 14 16 M 18 20 (?)

9. When the demand curve shifts, the change in equilibrium price will be larger the moreelastic the supply curve.(a) True(b) False

(Figure: The Blu-ray Disc Rental Market) Use Figure: The Blu-ray Disc Rental Market. If the rental price of Blu-ray discs rises from $5 to $7:   Question 2 options: v   supply will increase from 50 to 70 rentals per weekend.   the quantity demanded will decrease from 50 to 30 rentals per weekend.   the quantity supplied will increase from 50 to 60 rentals per weekend.   demand will decrease from 50 to 30 rentals per weekend.

4. What is the price at which the quantity of goods demanded, and the quantity of goods supplied are equal A) The going rate B) The margin rates C) The market price D) The optimum price

16. What do you understand by supply and what would you say is its main purpose?

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1. What is the equilibrium price in this market? 2. What is the equilibrium quantity in this market? 3. At a price of two dollars will there be a surplus or shortage of units in this market? 4. At a price of eight dollars how large of a surplus will there be in this market? 5. If the supply curve shifts to the right, will the price in this market rise or fall?