Price per BushelQuantity Demanded(bushels)Quantity Supplied (bushels)$336,000 0 630,000 3,000 924,000 6,0001219,00010,0001515,00015,0001810,00021,00021 7,00028,00024 4,00036,000Suppose the market price is $21 per bushel. Is there a shortage or a surplus in the market?What is the quantity of the shortage or surplus?How many bushels will be sold if the market price is $21 per bushel?

If the market price is $21 per bushel, it is given that at this price, quantity demand is 7,000…

Suppose the market price is $21 per bushel. Is there a shortage or a surplus in the market? What is the quantity of the shortage or surplus? How many bushels will be sold if the market price is $21 per bushel?

Suppose the market price is $21 per bushel. Is there a shortage or a surplus in the market? What is the quantity of the shortage or surplus? How many bushels will be sold if the market price is $21 per bushel?

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter5: Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 15PAE

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Question

Price per Bushel	Quantity Demanded (bushels)	Quantity Supplied (bushels)
$3	36,000	0
6	30,000	3,000
9	24,000	6,000
12	19,000	10,000
15	15,000	15,000
18	10,000	21,000
21	7,000	28,000
24	4,000	36,000

Suppose the market price is $21 per bushel. Is there a shortage or a surplus in the market?
What is the quantity of the shortage or surplus?
How many bushels will be sold if the market price is $21 per bushel?

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