--%>
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 : Price Earning ratio Define the term

    Define the term Price Earning ratio and how it is calculated?

    		•
  • Q : State time dimensions State time

    State time dimensions of the income statement, the balance sheet, and the statement of cash flows?  Describe. The income statement is such as a video: This measures a firm's profitability on a period of time (that can be a week, a

    		•
  • Q : Fin 335 International finance 1. The

    1. The exchange rate is 1.22 Swiss francs per U.S. dollar. How many U.S. dollars are needed to purchase 1,500 Swiss francs? [$1,229.51] 2. You are planning an extended trip to Hong Kong. You have located some housing

    		•
  • Q : What is Indirect Costs Indirect Costs :

    Indirect Costs: The costs which by their nature can’t be readily related with a particular organization unit or program. Similar to general administrative expenses, indirect costs are dispersed to the organizational unit(s) or programs that bene

    		•
  • Q : What is Shared Revenue Shared Revenue:

    Shared Revenue: It is a state-imposed tax, like the gasoline tax, that is shared with the local governments in proportion, or significantly in proportion, to the amount of tax collected or generated in each local unit. The tax might be collected eithe

    		•
  • Q : Graphically combined transactions and

    Normal 0 false false

  • Q : Explain primary assumption behind

    Explain primary assumption behind the experience approach to forecasting?The experience approach to forecasting is depending on the supposition that things will happen a certain way in the future since they happened that way in the past. For exa

    		•
  • Q : Determine the level of real output in

    Normal 0 false false

  • Q : Market share of large bank holding

    Have the large bank holding companies enhanced their market share at the cost of smaller institutions?No. A study conducted through the Federal Reserve Bank of New York reveals that the increase in the concentration of assets is primarily becaus

    		•
  • Q : International Business and Finance

    Alpha and Beta Companies can borrow at the described rates. Alpha Beta Moody's credit rating Aa Baa Fixed-rate borrowing cost 10.5% 12.0% Floating-rate borrow

    		•