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    Use of supply and demand to determine surplus

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    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

    © BrainMass Inc. brainmass.com November 30, 2021, 1:53 am ad1c9bdddf
    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.

    $2.49

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