Demand and supply to determine surplus

Reference no: EM1374465

Demand and Supply curves. The following relations explain demand and supply conditions in the wheat industry:
Qd=5,500-1,000P (demand)
Qs=-4,500+1,500P (supply)
Where Q is quantity measured in millions of bushels and P is price in dollars.
Complete the following table:

Price Quantity Supplied Quantity Demanded Surplus (+) or Shortage (-)
(1) (2) (3) (4)=(2)-(3)

$4.50
4.25
4.00
3.75
3.50

Reference no: EM1374465

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