Suppose the total demand for wheat and the total supply of wheat per month in Kansas City grain market are as shown in the accompanying table.
- What is the equilibrium price? What equilibrium quantity? Fill the in the surplus shortage- column and use it to explain why your answer are correct.
- Graph the demand for wheat and the supply of wheat. Be sure to label the axes of your graph correctly. Label equilibrium price P and equilibrium quantity Q.
- Why will $3.40 not be the equilibrium price in this market? Why not $4.90?
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