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Demand and supply of wheat are:
Qd=2000-1000p and Qs = -500 + 1000p

Where Q is millions of bushels and P is price per bushel.

How do you figure out the equilibrium price and demand. I cannot find a good explanation of the formula to use.

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Market Equilibrium is the state in which the demand for a good or service is equal to ...

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Short answer questions in economics: economics, market economy, command economy,supply and demand

Questions (also attached):

1) What is economics?
2) What types of things are considered in economics? What is not?
3) What role does economics play in your personal decisions?
4) What are the advantages of a market versus a command economy?

1. What is the difference between the shift of and a movement along the demand curve?
2. What is the difference between the shift of and a movement along the supply curve?
3. How do shortages and surpluses develop?
4. What types of shortages and surpluses affect you either personally or in your work environment?

2. Answer the following questions:
a. What causes the changes in supply and demand?
b. How do shifts in supply and demand affect your decision making?
c. List four key points in the study of economics.

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