How many bushels will be sold if the market price is US$ 4 per bushel?  e. If the market price is US$ 8 per bushel , what must happen to restore equilibrium in the market ? Explain.  f. Suppose the market price is US $ 16 per bushel. is there a shortage or a surplus in the market ?  g. What is the quantity of the shortage or surplus?  h. how many bushels will be sold if the market price is US$14 per bushel?  i. if the market price is US$ 16 per bushel , what must happen to restore equilibrium in the market ? Explain

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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a. What are the equilibrium price and quantity of wheat ? 

b. Suppose the prevailing price is US$12 per bushel. Is there a shortage or a surplus in the market? 

c. What is the quantity of the shortage or surplus? 

d. How many bushels will be sold if the market price is US$ 4 per bushel? 

e. If the market price is US$ 8 per bushel , what must happen to restore equilibrium in the market ? Explain. 

f. Suppose the market price is US $ 16 per bushel. is there a shortage or a surplus in the market ? 

g. What is the quantity of the shortage or surplus? 

h. how many bushels will be sold if the market price is US$14 per bushel? 

i. if the market price is US$ 16 per bushel , what must happen to restore equilibrium in the market ? Explain 

Here d, e, f, g, h and i need to be solved 

Question 6
The following table contains information about the wheat market. Use the table to answer the
following questions.
Price per bushel (in $)
Quantity Supplied (bushels)
Quantity Demanded (bushels)
40,000
36,000
30,000
4
4,000
8,000
16,000
20,000
24,000
20,000
10
28,000
36,000
40,000
12
18,000
14
12,000
16
6,000
Transcribed Image Text:Question 6 The following table contains information about the wheat market. Use the table to answer the following questions. Price per bushel (in $) Quantity Supplied (bushels) Quantity Demanded (bushels) 40,000 36,000 30,000 4 4,000 8,000 16,000 20,000 24,000 20,000 10 28,000 36,000 40,000 12 18,000 14 12,000 16 6,000
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