What is the equilibrium price and quantity of sorghum

Reference no: EM13236256

Price per bushel Quantity Demanded (bushels) Quantity Supplied (bushels)
$2 40,000 0
4 36,000 4,000
6 30,000 8,000
8 24,000 16,000
10 20,000 20,000
12 18,000 28,000
14 12,000 36,000
16 6,000 40,000

A/What is the equilibrium price and quantity of sorghum?

b/ Suppose the prevailing price is $6 per bushel. Is there a shortage or a surplus in the market?

C/What is the quantity of the shortage or surplus?

D/How many bushels will be sold if the market price is $6 per bushel?

E/If the market price is $6 per bushel, what must happen to restore equilibrium in the market?

f. /At what price will suppliers be able to sell 36,000 bushels of sorghum?

G/Suppose the market price is $14 per bushel. Is there a shortage or a surplus in the market?

h/What is the quantity of the shortage or surplus?

i/ How many bushels will be sold if the market price is $14 per bushel?

j. /If the market price is $14 per bushel, what must happen to restore equilibrium in the market?

Reference no: EM13236256

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