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

Long-run behavior, The Long-Run Behavior of Natural Resource Prices Ob...

The Long-Run Behavior of Natural Resource Prices Observations – Exhaustion of copper has increased by a hundred fold from 1880 through 1998 signifying a large increase in

Source of economic growth and development, Question: (a) Explain the fa...

Question: (a) Explain the factors that contributed to the adoption of structural adjustment programme by a majority of Least Developed Countries in the 1980s? (b) Describe t

Explain the difference between a stock and a flow, Explain the difference b...

Explain the difference between a stock and a flow.   A stock is something whose quantity is calculated at a point in time, whereas a flow measures the quantity of something ove

Cost sharing in higher education - graduate tax, Cost Sharing in Higher Edu...

Cost Sharing in Higher Education - Graduate Tax Another commonly suggested measure is to tax the employers employing educated manpower. The case for this method is made on the

Original consumer surplus and original producer surplus, In equilibrium, wh...

In equilibrium, what are the letters and the total dollar amounts that correspond to the area for the... i. Original Consumer Surplus?  ii. Original Producer Surplus? iii.

Explain three major barriers of developing contries, Explain three major ba...

Explain three major barriers to development experienced by developing countries. Well, the scope of possible answers here is, em, wide, to say the least. The issue is not to si

Discuss american long run growth1800-1973, American Long Run Growth, 1800-1...

American Long Run Growth, 1800-1973 Throughout the 19th and the first three quarters of twentieth century the measured pace of economic growth continued to accelerate. The meas

Determine the nash equilibrium, Player 2   C ...

Player 2   C B A 1,2 3,2 B 2,3 a, b         Player 1

DEFNITION, WHAT ARE THE COMPONENT OF ECONOMICS

WHAT ARE THE COMPONENT OF ECONOMICS

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