Kindly refer the attached picture for the demand and supply curve
b. Equilibrium Quantity = 60
Equilibrium price = $ 600
(Refer the attached picture)
C. When there is a surplus of 30 tonnes of wool
At a price of $ 700
Quantity Demanded = 40
Quantity Supplied = 70
Surplus = Quantity Supplied- Quantity Demanded
Surplus = 70 - 40 = 30 tonnes
D. Shortage of 30 tonnes
At a price of $ 500
Quantity Demanded = 80 tonnes
Quantity Supplied = 50 tonnes
Shortage = Qd - Qs = 80 - 50 = 30 tonnes
E.
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