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Aggregate Demand For Wheat
The demand for U.S. wheat is comprised of domestic demand and export demand.
The domestic demand for wheat can be given by the equation:
-QDD = 1700 - 107P
The export demand for wheat can be given by equation:
-QDE = 1544 - 176P
Domestic demand is price inelastic (-0.2), while export demand is quite more price elastic (-0.4).
•Create a demand schedule and a supply schedule for your product.. •Using these schedules, draw a demand curve and a supply curve using PowerPoint or Excel. Use these to determine
short run equilibbrium
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