# Use of supply and demand to determine surplus

Please help with the following economic development problem.

Demand and Supply curves.

The following relations describe demand and supply conditions in the wheat industry:

Qd=5,500-1,000P (demand)

Qs=-4,500+1,500P (supply)

Where Q is quantity measured in millions of bushels and P is the price in dollars.

Complete the following table:

Price Quantity Supplied Quantity Demanded Surplus (+) or Shortage (-)

(1) (2) (3) (4)=(2)-(3)

______________________________________________________________________

$4.50

4.25

4.00

3.75

3.50

https://brainmass.com/economics/supply-and-demand/price-quantity-demand-surplus-shortage-134769

#### Solution Preview

Background: The following relations describe demand and supply conditions in the wheat industry:

Qd=5,500-1,000P (demand)

Qs=-4,500+1,500P (supply)

Where Q is quantity measured in millions of bushels and P is the ...

#### Solution Summary

This posting helps with an economic development problem. The solution helps with various problems involving supply and demand. Calculations are given.