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Refer to the table below.
Refer to the table below.a. What is the equilibrium price in this market?
4 per bushel
At what price is there neither a shortage nor a surplus?
4 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 numer. If you are entering any negative numbers be sure to include a negative sign (-) in
front of those numbers.
Thousands of Bushels Demanded
Price per Bushel
Thousands of Bushels Supplied
01
34
3.7
71
75
75
4.0
70
03
43
45
49
Surplus (+) or Shortage ()
78
по
81, b. Graph the demand for wheat and the supply of wheat. Be sure to locate the equilibrium price and equilibrium quantity. Instructions: Use the tools provided 'Supply' and 'Demand' to draw the demand and supply curves using the data in the table. Include each price-quantity combination. Each line should contain 6 reference points. Then use the tool provided 'Eq' to identify the equilibrium price and quantity. Market for Wheat (1) Instructions: Do not use a minus sign when entering your answers. c. How big is the surplus or shortage at $3.40 ? There is a of thousand bushels. How big is the surplus or shortage at $4.90 ? There is a of thousand bushels. How big a surplus or shortage results if the price is 60 cents higher than the equilibrium price? There is a of thousand bushels How big a surplus or shortage results if the price is 30 cents lower than the equilibrium price? There is a of thousand bushels
Final answer:The market is in equilibrium at $4 per bushel, where the quantity demanded equals the quantity supplied. Surplus and shortage can be calculated by subtracting quantity demanded from quantity supplied. A graph can show the supply and demand for wheat, identifying the equilibrium price and quantity.Explanation:Theequilibrium pricein this market is $4 per bushel. This is the price at which there is neither a surplus nor a shortage of bushels, hence themarket is in equilibrium. You can calculate the surplus or shortage by subtracting the quantity demanded from the quantity supplied. For example, at the price of $3.40, if the quantity supplied is less than the quantity demanded, there will be a shortage. Conversely, at a price of $4.90, if the quantity supplied is greater than the quantity demanded, there will be a surplus. The same applies if the price is 60 cents higher than the equilibrium price, indicating a surplus; or 30 cents lower than the equilibrium price, indicating a shortage. To graph the demand for wheat and the supply of wheat, plot the price per bushel on the Y-axis and quantities on the X-axis. The point where the supply and demand curves intersect denotes the equilibrium price and quantity.Learn more aboutMarket Equilibriumhere:brainly.com/question/32302752#SPJ11...