# Refer to the table below. fill in the surplus-shortage column (gray-shaded cells).

Refer to the table below. Fill in the surplus-shortage column
(gray cells).

If you are entering any negative numbers be sure to include a
negative sign (-) in front of those numbers. A. What is the equilibrium price in this market? $________ At what price is there neither a shortage nor a surplus?$________

B. Graph the demand for wheat and the supply of wheat. Be sure
to locate the equilibrium price and 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. Instructions: Enter all numeric values without
a minus sign.

C. How big is the surplus or shortage at $3.40? There is a ________ of ________ thousand bushels. What if the price is$4.90?

There is a ________ of ________
thousand bushels.

D. How big a surplus or shortage results if the price is 60
cents higher than the equilibrium price?
_______     thousand bushels.

E. How big a surplus or shortage results if the price is 30
cents lower than the equilibrium price?_______ thousand
bushels.

(1)

 Q Demanded Price Q Supplied Surplus/Shortage 88 3.4 65 -23 81 3.7 71 -10 75 4 75 0 70 4.3 78 8 66 4.6 80 14 63 4.9 81 18

(a) equilibrium price is when the market demand equals market
supply (that is, there is neither surplus, nor shartage).

As the table show, equilibrium price is $4 (b) The graph asks for a specific graphical tool which cannot be used in this Q&A Board. However, equilibrium price =$4 & quantity = 75

(c) When price = 3,4, demand = 88 & supply = 65, so there is
a shortage of 23.

If price is 4.90, Surplus = 18

(d) Here, Price = 4.6, so Surplus = 14

(e) Here, price = 3.70, so Shortage = 10