--%>
Assignment Help - homework help

Describe the equilibrium price and equilibrium quantity

Assume the total demand for wheat and the net supply of wheat per month in the Kansas City grain market are as:

16_Table for wheat.png

Describe the equilibrium price? Explain the equilibrium quantity?  Fill in the surplus-shortage column and employ it to depict why your answers are correct.

E

Expert

Verified

Pe = $4.00; Qe = 75,000.  Equilibrium takes place where there is neither a shortage nor surplus of wheat. At the instantly lower price of $3.70, there is a shortage of 7,000 bushels. At the instantly higher price of $4.30, there is a surplus of 7,000 bushels. 

   Related Questions in Finance Basics

  • Q : What is Statute Statute: It is a

    Statute: It is a written law enacted by the Legislature and signed by the Governor or a vetoed bill overridden by a 2/3 vote of both houses), generally referred to by its chapter number and the year in which it is passed. The statutes which modify a s

    		•
  • Q : Explain Fund Condition Statement Fund

    Fund Condition Statement: A budget display, comprised in the Governor’s Budget, shortening the operations of a fund for the past, present, and budget years. The display comprises the starting balance, previous year adjustments, loans, revenue, t

    		•
  • Q : Determine the new per unit cost of

    Normal 0 false false

  • Q : Question on aggregate supply Normal 0

    Normal 0 false false

  • Q : Describe capital rationing Describe

    Describe capital rationing? Should a firm practice capital rationing? Why? Capital rationing is the practice of setting dollar restriction on what will be invested in new capital budgeting projects. Proprietorships, partnerships and private c

    		•
  • Q : What is an Initiative Initiative : The

    Initiative: The power of electors to propose statutes or Constitutional amendments and to accept or reject them. An initiative should be limited to a single subject and be filed with the Secretary of State with the suitable number of voter signatures

    		•
  • Q : Formula for the payment required for a

    Normal 0 false false

    		•
  • Q : Describe sunk cost Describe sunk cost?

    Describe sunk cost? Is it relevant while evaluating a proposed capital budgeting project? Describe. A sunk cost is a cash flow which has already occurred, or that will take place, whether a project is accepted or discarded. It is irrelevant wh

    		•
  • Q : Distinguish among refinancing debt and

    Normal 0 false false

  • Q : Define Programs Programs : The

    Programs: The activities of an association grouped on the basis of common objectives. The programs are included of elements that can be further classified into tasks and components.

    		•