I dont need 1 or 4. I only need 2 and 3 The following table depicts the market s

Question

I dont need 1 or 4. I only need 2 and 3

The following table depicts the market supply and demand for oranges in the United States (in millions of bushels) Graph the market supply and demand for oranges (Clearly label your graph) With the graph, what's the equilibrium price and quantity of oranges in the market? Suppose the current price is $4. Would we observe a surplus or a shortage? If so, by how much? What could be expected to happen to the price over time? Why? Suppose a recent study shows that orange juice is the healthiest beverage among all, how would the equilibrium price and quantity of oranges change? Show it in a graph.

Explanation / Answer

the green one is demand curve the blue one is supply curve so the equilibrium. price is $3 quantity supplied =quantity demanded 3 At $4 we would see a surplus. Quantity supplied>Quantity demanded surplus is 4-2=2 overtime the price will decrease the the equilibrium value

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