Supply and Demand Curves

The table below contains information about the corn market. Use it to answer the following questions:

 

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Price Per Bushel

 

Quantity Demanded (bushels)

 

Quantity Supplied (bushels)

 

$3

 

30,000

 

0

 

$6

 

26,000

 

4,000

 

$9

 

22,000

 

9,000

 

$12

 

18,000

 

12,000

 

$15

 

15,000

 

15,000

 

$18

 

12,000

 

22,000

 

$21

 

8,000

 

28,000

 

$24

 

4,000

 

36,000

 

Plug the numbers in the chart into MS Excel and produce a Supply and Demand Chart.
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? Explain why.
What is the quantity of the shortage or surplus? Show your calculations.
How many bushels will be sold if the market price is $9 per bushel? Show calculations.
If the market price is $9 per bushel, what must happen to restore equilibrium in the market? Explain.
At what price will suppliers be able to sell 22,000 bushels of corn? Explain what would have to happen.
Suppose the market price is $21 per bushel. Is there a shortage or a surplus in the market? Why, explain.
What is the total 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? Why should that happen?

 

For each of the below, indicate if the curve in question would shift to the left, to the right, or not at all. Assume perfect competition, and that other than the change listed everything else remains the same (i.e. ceteris paribus).

 

How would the DEMAND CURVE shift if there was:
A decrease in income and the good is a normal good
An increase in the price of a substitute good
An increase in population
A decrease in the taste for the good
An increase in the price of a complimentary good

 

How would the SUPPLY CURVE shift if there was:
An increase in the number of firms in the market
An increase in the current price of the product
A decrease in productivity
An increase in the expected future price of a product
A decrease in the price of an input

(30 points)

Please note you are required to provide charts, graphs, and explanation of answers for it to be considered an economic analysis. For further information on how to do the problems, please reference the examples utilized in the textbook. If additional assistance should be required, please contact your instructor via email.

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