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Graphical Representation of Demand and Supply Curves

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Suppose the total demand for wheat and the total supply of wheat per month in the Kansas City grain market are as follows:

Thousands of Bushels Price per Bushel Thousands of bushels Surplus(+) or shortage(-)
85 $3.40 72 ____
80 $3.70 73 _____
75 4.00 75 _____
70 4.30 77 ___
65 4.60 79 _____
60 4.90 81 _____

Graph the demand for wheat and the supply of wheat. Be sure to label the axis of your graph correctly. Label equilbrium price "P" and equilbrium quantity "Q".

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Solution Summary

Solution provides the graph for demand and supply curve for the wheat and determines equilibrium price and quantity.

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Please refer attached file for graph.

Solution:

Price per bushel Demand ('000 bushels) Supply ('000 bushels) Surplus (+) or Shortage(-)
(Supply-Demand)
3.4 ...

Solution provided by:
Lokesh Jain, MSc
Education
  • BEng (Hons) , Birla Institute of Technology and Science, India
  • MSc (Hons) , Birla Institute of Technology and Science, India
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