HW3.docx - 1 Refer to the expanded table below regarding...

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1. Refer to the expanded table below regarding the supply and demand for wheat a. What is the equilibrium price? Fill in the surplus-shortage column and use it to confirm your answers. b. Graph the demand for wheat and the supply of wheat. Be sure to label the axes of your graph correctly. Label equilibrium price P and equilibrium quantity c. How big is the surplus or shortage at $3.40? At $4.90? How big a surplus or shortage Q .

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