4. Rain falls on wheat parade The price of wheat has fallen from $9 a bushel to $7 a bushel in the past seven months as rain and snow fell on the southern states.

Source: The Wall Street Journal, February 12, 2013 Explain the effect of the fall in the wheat price on the market for cereals.

Table 1 shows the demand and supply schedules for boxes of chocolates in an average week. Use this information to work Problems 5 and 6.