Using the Schedules Given, Plot the Demand Curve and the Supply

question 34

Essay

Using the schedules given, plot the demand curve and the supply curve on the below graph.Label the axes and indicate for each axis the units being used to measure price and quantity.Then answer the questions. (a) Give the equilibrium price and quantity for wheat.(b) Indicate the equilibrium price and quantity on the graph by drawing lines from the intersection of the supply and demand curves to the price and quantity axes.(c) If the Federal government decided to support the price of wheat at $4.00 per ton, tell whether there would be a surplus or shortage and how much it would be.(d) Demonstrate your answer to part (c) on your graph being sure to label the quantity you designated as the shortage or surplus.

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Definitions:

Product Descriptors

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Differentiation

The process of distinguishing a product or service from others, to make it more attractive to a particular target market.