Question 2 options: Refer to the table below. Fill in the surplus-shortage colum
ID: 1197083 • Letter: Q
Question
Question 2 options:
Refer to the table below. Fill in the surplus-shortage column.
Instructions: In the table below, fill in the fourth column, Surplus (+) or Shortage (-). Enter values as whole numbers and if they represent a shortage include the (-) sign.
Thousands of Bushels Demanded
Price per Bushel
Thousands of Bushels Supplied
Surplus (+)
or
Shortage (-)
85
$3.40
72
______
80
3.70
73
______
75
4.00
75
______
70
4.30
77
______
65
4.60
79
______
60
4.90
81
______
What is the equilibrium price in this market? $
At what price is there neither a surplus nor a shortage? $
Instructions: Because you are entering whether there is a surplus or shortage, there is no need to include the (-) sign when entering a shortage value. Enter all values as whole numbers.
When the price is $3.40, there is a (surplus/shortage)
of
thousand bushels.
When the price is $4.90, there is a (surplus/shortage)
of
thousand bushels.
Instructions: Enter values as whole numbers and if they are represent a shortage include the (-) sign.
How big a surplus or shortage will result if the price is 60 cents higher than the equilibrium price?
thousand bushels
How big a surplus or shortage will result if the price is 30 cents lower than the equilibrium price?
thousand bushels
Thousands of Bushels Demanded
Price per Bushel
Thousands of Bushels Supplied
Surplus (+)
or
Shortage (-)
85
$3.40
72
______
80
3.70
73
______
75
4.00
75
______
70
4.30
77
______
65
4.60
79
______
60
4.90
81
______
Explanation / Answer
What is the equilibrium price in this market? $ 4 where supply=demand
At what price is there neither a surplus nor a shortage? $4 here supply=demand, equilibrium
When the price is $3.40, there is a shortage of 13 thousand bushels
When the price is $4.90, there is a surplus of 21 thousand bushels.
How big a surplus or shortage will result if the price is 60 cents higher than the equilibrium price? 14 thousand bushels of surplus
because 60 cents higher price is 4.6
How big a surplus or shortage will result if the price is 30 cents lower than the equilibrium price?
7 thousand bushels of shortage
because 30 cents lower price is 3.7
Thousands of Bushels Demanded Price per Bushel Thousands of Bushels Supplied Surplus (+) or Shortage (-) 85 $3.40 72 -13 80 3.7 73 -7 75 4 75 0 70 4.3 77 7 65 4.6 79 14 60 4.9 81 21Related Questions
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