Refer to the table below.a. What is the equilibrium price in this market?$per bushelAt what price is there neither a shortage nor a surplus?per bushelFill in the surplus-shortage column (gray-shaded cells) and use it to confirm your answers.Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-)in front of those numbers.Thousands ofBushels Demanded888175706663Price per Bushel3.43.74.04.34.64.9Thousands ofBushels SuppliedSEKRE657175788081Surplus (+) orShortage (-)

The equilibrium price is the price at which the supply of goods matches the demand for them.In other…

What is the equilibrium price in this market? per bushel At what price is there neither a shortage nor a surplus? per bushel Fill in the surplus-shortage column (gray-shaded cells) and use it to confirm your answers.

What is the equilibrium price in this market? per bushel At what price is there neither a shortage nor a surplus? per bushel Fill in the surplus-shortage column (gray-shaded cells) and use it to confirm your answers.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Refer to the table below.
a. What is the equilibrium price in this market?
$
per bushel
At what price is there neither a shortage nor a surplus?
per bushel
Fill in the surplus-shortage column (gray-shaded cells) and use it to confirm your answers.
Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-)
in front of those numbers.
Thousands of
Bushels Demanded
88
81
75
70
66
63
Price per Bushel
3.4
3.7
4.0
4.3
4.6
4.9
Thousands of
Bushels Supplied
SEKRE
65
71
75
78
80
81
Surplus (+) or
Shortage (-)

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Step 1: Introduce the concept of equilibrium price.

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Step 2: Determine the equilibrium price in this market.

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Step 3: Fill in the surplus-shortage table & determine at what price there is neither surplus nor shortage.

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