The below table shows both a hypothetical market demand and hypothetical market supply schedule for corn...
The below table shows both a hypothetical market demand and hypothetical market supply schedule for corn in 2018.
PRICE (DOLLARS PER BUSHEL)
MARKET DEMAND (MILLIONS OF BUSHELS)
MARKET SUPPLY (MILLIONS OF BUSHELS)
13,000
14,000
15,000
16,000
17,000
2.50
16,500 12,000
3.00 16,00015,5004.00 15,00014,5005.00 14,000
3.50
4.50
|
5.50 |
13,500 18,000 |
7. Based on this schedule, what was the equilibrium price and quantity for corn in this market in 2018? Why is this the equilibrium?
Homework Answers
The Table in the given question is not legible, this might be due to some copy paste error. I have Tried to construct the table by myself according to the data provided. If the data is not correct please follow the given steps to get the answer for the right answer.
| Price | Demand | Supply |
| 2.5 | 16000 | 12000 |
| 3 | 15500 | 13000 |
| 3.5 | 15000 | 14000 |
| 4 | 14500 | 15000 |
| 4.5 | 14000 | 16000 |
| 5 | 13500 | 17000 |
| 5.5 | 13000 | 18000 |
The equilibrium will be given by the point where demand and supply curve intersect. Plotting the values on the graph gives us
from the graph, we can see that the equilibrium price is around $3.8, where the quantity demanded is around 14300.
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The below table shows both a hypothetical market demand and
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