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.

Suppose the graph below represents the demand and supply for rice at various prices, answer the questions that follow. The graph above is represented in the table below. Please complete the table below identifying the shortage or surplus. Price (10kg bag) Demand (10 kg bags) Supply (SS) (10 kg bags) Surplus (+) Shortage (-) 10 89 29   20 70 40   30 55 55   40 39 67   50 25 80   60 11 95   Based on your findings in the table above, what is the market equilibrium price and quantity for rice?

Discuss the following: 1. Shortage 2. Surplus 3. Equilibrium 4. Price

What are the potential effects in the market for SUVs as the price of gasoline increases. a) draw a supply/demand graph of the automobile market. b) indicate starting equilibrium price and equilibrium quantity.  c)analyze graphically the effect of the change given above on equilibrium price and equilibrium quantity in the mobile market.

Draw a graph that depicts what has happened to our demand and supply curves in the market for OceanSpray juice, including our new equilibrium price and quantity.

Suppose the total demand for wheat and the total supply of wheat per month in the Kansas City grain market are as shown below: Suppose government establishes a price ceiling of $3.70 for wheat. What might prompt it to establish this price ceiling? Explain carefully the main effects. Demonstrate your answer graphically.

Suppose the total demand for wheat and the total supply of wheat per month in the Kansas City grain market are as shown below: 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?

The city of Cedar Rapids has a large number of video poker arcades.  The demand by patrons for the games (in thousands per week) is Qd = 180 - 4P and the supply is Qs = 2P - 30 where P is the price in cents charged to play a game.   What is the equilibrium number (quantity) of games played? What is the equilibrium price? Draw a diagram depicting the equilibrium in this market.