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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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    https://brainmass.com/statistics/statistical-figures/graphical-representation-of-demand-and-supply-curves-283128

    Solution Preview

    Please refer attached file for graph.

    Solution:

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

    Solution Summary

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

    $2.19

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