Share
Explore BrainMass

Graphical Representation of Demand and Supply Curves

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".

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