Question

Draw and Find the Equilibrium. The following table shows the quantities of corn supplied and demanded at different price levels. Corn market Quantity supplied Price per ton $100 $110 $120 $130 Quantity demanded 100 80 60 40 Price per ton ($) 1.) Use the line drawing tool to draw and label the demand line given the information in the table above 2.) Use the line drawing tool to draw and label the supply line given the information in the table above.. Carefully follow the instructions above, and only draw the required objects. b. The equilibrium price of corn is $ ), and the equilibrium quantity is tons. (Enter your responses as integers.) 40 ' 60 80 .160 Quantity of corn (Tons) . 120 equal to tons. (Enter your response as an c. At a price of $130, there is excess integer.)

Answer 1

Corn market 140- 130- 120- 110 100- 90+ 20 80 60 Quantity of corn (Tons) 40 100 120 Price per ton ($)

b) Equilibrium price = 120

Equilibrium quantity = 60

c) P=130

There is excess supply equal to 70-40 =30 tons