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Question: 15 how big is the surplus or shortage at 340...

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15

Instructions: Enter your answers as whole numbers. If you are entering any negative numbers be sure to include a negative sign(-) in front of those numbers Thousands of Bushels Demanded Thousands of Bushels Supplied Surplus (+) or Shortage(-) Price per Bushel S3.40 3.70 4.00 4.30 4.60 4.90 65 71 75 78 80 81 81 75 70 63 a. What is the equilibrium price in this market? At what price is there neither a shortage nor a surplus?

How big is the surplus or shortage at $3.40?

   There is a   (Click to select)   shortage   surplus  of

  




How big is the surplus or shortage at $4.90?

There is a   (Click to select)   shortage   surplus  of



d. How big a surplus or shortage results if the price is 60 cents higher than the equilibrium price?

e. How big a surplus or shortage results if the price is 30 cents lower than the equilibrium price?

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