Quantity Quantity Price Demanded Supplied (millions per (millions Surplus/ Will Price Bushel of bushels) of bushels) Shortage Rise or Fall? $1.80 320 200 2.00 300 230 2.20 270 270 2.40 230 300 2.60 200 330 2.80 180 350

Quantity Quantity Price Demanded Supplied (millions per (millions Surplus/ Will Price Bushel of bushels) of bushels) Shortage Rise or Fall? $1.80 320 200 2.00 300 230 2.20 270 270 2.40 230 300 2.60 200 330 2.80 180 350

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter3: Market Demand And Supply

Section3.A: Consumer Surplus, Proudcer Suplus, And Market Efficency

Problem 9SQ

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Question

Assume the market for corn is depicted as in the table
that appears below.
a. Complete the table below.
b. What market pressure occurs when quantity demanded exceeds
quantity supplied? Explain.
c. What market pressure occurs when quantity supplied exceeds
quantity demanded? Explain.
d. What is the equilibrium price?
e. What could change the equilibrium price?
f. At each price in the first column of the table below, how much
is sold?

Quantity
Quantity
Price Demanded Supplied
(millions
per
(millions Surplus/ Will Price
Bushel of bushels) of bushels) Shortage Rise or Fall?
$1.80
320
200
2.00
300
230
2.20
270
270
2.40
230
300
2.60
200
330
2.80
180
350

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