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Suppose the total demand for wheat and the total supply of wheat per month in a market are as follows:
a. What will be the market or equilibrium price? What is the equilibrium quantity?
Fill in the surplus-shortage column and use it to explain why your answers are correct.
b. Graph the demand for wheat and the supply of wheat. Be sure to label the axes of your graph correctly. Label equilibrium price "P" and the equilibrium quantity "Q."
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1. The figure below is historical production data from the Kuparuk River field. The OOIP is 5,332,979 Mstb and cumulative recovery through 12/31/2004 is 1,971,200,654 stb.
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