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19 Mar 2018

1. (Figure: The Demand and Supply of Wheat) Look at the figure The Demand and Supply of Wheat. A temporary price of $2 in this market would result in: A) a surplus of 4,000 bushels. B) a shortage of 8,000 bushels. C) a shortage of 10,000 bushels. D) a surplus of 10,000 bushels.

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Related questions

17. (Figure: The Demand and Supply of Wheat) Look at the figure The Demand and Supply of Wheat. A price of _ will result in a A) $6; shortage B) $8; surplus $8; shortage D) $4; surplus

A farm can produce 10,000 bushels of wheat per year with five workers and 13,000 bushels with six workers. What is the marginal product of the sixth worker for this farm?

a. 10,000 bushels

b. 3,000 bushels

c. 500 bushels

d. 23,000 bushels

redprairie-dog840

The wheat market is perfectly competitive, and the market supply and demand curves are given by the following equations:

QD=20,000,000-4,000,000P

QS=7,000,000+2,500,000P, where QD and QS are quantity demanded and quantity supplied measured in bushels, and P=price per bushel.

a.) Determine consumer surplus at the equilibrium price and quantity.

b.) Assume that the government has imposed a price floor at $2.25 per bushel and agrees to buy any resulting excess supply. How many bushels of wheat will the government be forced to buy? Determine consumer surplus with the price floor.