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 oats.(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 oats at $1.40 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.
Definitions:
Shareholders' Equity
The residual interest in the assets of an entity after deducting liabilities, reflecting ownership value.
Net Income
The total profit of a company after all expenses and taxes have been subtracted from total revenue.
Return on Common
A measure of the profitability relative to shareholders' equity, specifically for common stockholders.
Policy Decisions
Major choices or judgments made by a business, government, or other organization that establish principles or courses of action.
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