ESSAY. Write your answer in the space provided or on a separate sheet of paper.Table 3-3Price per BushelQuantity Demanded(bushels)Quantity Supplied (bushels)$336,000 0 630,000 3,000 924,000 6,0001219,00010,0001515,00015,0001810,00021,00021 7,00028,00024 4,00036,000 15) Refer to Table 3-3. The table contains information about the corn market. Use the table to answer the following questions.What are the equilibrium price and quantity of corn?Suppose the prevailing price is $9 per bushel. Is there a shortage or a surplus in the market?What is the quantity of the shortage or surplus?How many bushels will be sold if the market price is $9 per bushel?If the market price is $9 per bushel, what must happen to restore equilibrium in the market?At what price will suppliers be able to sell 24,000 bushels of corn?Suppose the market price is $21 per bushel. Is there a shortage or a surplus in the market?What is the quantity of the shortage or surplus?How many bushels will be sold if the market price is $21 per bushel?If the market price is $21 per bushel, what must happen to restore equilibrium in the market?

The equilibrium quantity of corn is where the quantity demanded = quantity supplied. In the…

Answered: 15) Refer to Table 3-3. The table…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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ESSAY. Write your answer in the space provided or on a separate sheet of paper.

Table 3-3

Price per Bushel	Quantity Demanded (bushels)	Quantity Supplied (bushels)
$3	36,000	0
6	30,000	3,000
9	24,000	6,000
12	19,000	10,000
15	15,000	15,000
18	10,000	21,000
21	7,000	28,000
24	4,000	36,000

15) Refer to Table 3-3. The table contains information about the corn market. Use the table to answer the following questions.

What are the equilibrium price and quantity of corn?
Suppose the prevailing price is $9 per bushel. Is there a shortage or a surplus in the market?
What is the quantity of the shortage or surplus?
How many bushels will be sold if the market price is $9 per bushel?
If the market price is $9 per bushel, what must happen to restore equilibrium in the market?
At what price will suppliers be able to sell 24,000 bushels of corn?
Suppose the market price is $21 per bushel. Is there a shortage or a surplus in the market?
What is the quantity of the shortage or surplus?
How many bushels will be sold if the market price is $21 per bushel?
If the market price is $21 per bushel, what must happen to restore equilibrium in the market?

Definition Video Definition Point where the demand and supply curves intersect. At the equilibrium price the quantity supplied of a good is equal to the quantity demanded. When the market is not in equilibrium, market surplus or market shortage occurs. The region that is above the price equilibrium indicates market surplus and the region below the price equilibrium indicates market shortage. Video

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