Surplus (+) or Shortage (-) Thousands Thousands of Bushels Price per of Bushels Demanded Bushel Suppled 85 $3.40 72 80 3.70 73 75 4.00 75 70 4.30 77 65 4.60 79 60 4.90 81
Surplus (+) or Shortage (-) Thousands Thousands of Bushels Price per of Bushels Demanded Bushel Suppled 85 $3.40 72 80 3.70 73 75 4.00 75 70 4.30 77 65 4.60 79 60 4.90 81
Principles of Economics (MindTap Course List)
8th Edition
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter7: Consumers, Producers, And The Efficiency Of Markets
Section: Chapter Questions
Problem 6CQQ
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Question
Refer to the following expanded table .
a. What is the
b. Graph the
c. How big is the surplus or shortage at $3.40? At $4.90? How big a surplus or shortage results if the price is 60 cents higher than the equilibrium price? 30 cents lower than the equilibrium price?
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