Refer to the table below. Fill in the surplus-shortage column (gray cells).
Instructions: Enter your answers as whole numbers. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers.
Thousands of Bushels Demanded Thousands of ice per Bushel Bushels Supplied Surplus+) or Shortage (-) Price per Bushel $3.40 3.70 4.00 4.30 4.60 4.90 65 71 75 78 80 81 81 75 70 63
A. What is the equilibrium price in this market? $________
At what price is there neither a shortage nor a surplus? $________
B. Graph the demand for wheat and the supply of wheat. Be sure to locate the equilibrium price and quantity.