Market or equilibrium price - demand and supply, Microeconomics

Assignment Help:

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.

2359_Market or Equilibrium Price – Demand and Supply.png

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."


Related Discussions:- Market or equilibrium price - demand and supply

Calculate the profit maximising price, Question: (a) Assume a firm ope...

Question: (a) Assume a firm operates in one location but serves on two distinct markets, namely, 1 and 2. The demand functions are: Market 1: P1 = 40 - 0.3 Q1 Market 2:

PROBLEM, Sita expects her future earnings to be worth Rs. 100. If she falls...

Sita expects her future earnings to be worth Rs. 100. If she falls ill, her expected future earning will be Rs. 25. There is a belief that she may fall ill with probability of , -

Economic Principles , During the 1990s, technological advance reduced the c...

During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use supply and demand diagrams, how the following markets are affected in terms of pr

Cost theory, What are the economies and diseconomics of scale?

What are the economies and diseconomics of scale?

5 theories of microeconomics, evaluate each in term of strength and weaknes...

evaluate each in term of strength and weakness relative to their applicability to asian economy situation or reality ,2. philippines economy situation or reality

Physical accounting, Normal 0 false false false EN-IN ...

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

Theory of consumer behavior, THEORY OF CONSUMER BEHAVIOR: It is genera...

THEORY OF CONSUMER BEHAVIOR: It is generally observed that market aggregate demand curve for a commodity is downward sloping, given other things. Our problem is to investigate

Production, given P=120-Q TC=Q(to the power 2)+ 16 1-derive the total...

given P=120-Q TC=Q(to the power 2)+ 16 1-derive the total revenue function 2-calculate profit mazimization output for a-perfect competitive firm b-monopoly 3-explain whi

Need anser, Consider what would happen if a taxes of 10000$ was imposed on ...

Consider what would happen if a taxes of 10000$ was imposed on imported automobiles on dealers.Using a demand and supply diagram, show its impact of price and quantity. Suppose the

Equilibrium price , determinate equilibrium price and quantity. if Qd=7-1/2...

determinate equilibrium price and quantity. if Qd=7-1/2p AND Qs=1/4P-1/2

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd