Please assist in answering the following three questions based on the data given:
Data:
Bushels demanded per month Price per bushel Bushels supplied per month
45 $5 77
50 4 73
56 3 68
61 2 61
67 1 57
Required to do:
Problem 1. Refer to the above data, what is equilibrium price?
Problem 2. If the price in this market is $4, can bushels suppliers sell all their bushels?
Problem 3. If the price was initially $4, and free to fluctuate, what the changes in price and supply we expect?