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...

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.

  1. 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.
  2. 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.
  3. Why will $3.40 not be the equilibrium price in this market? Why not $4.90? 

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