1- Graph the demand and supply curves. What is the free -market equilibrium in this market?2- Suppose the local government enforces a price floor $3.0. Show in your dlagram the effect on price and quantity exchanged?3- Suppose the local government enforces a price ceiling $1.5. Show in your diagram the effect on price and quantity exchanged ?4- Good weather increased wheat crop in Canada. Show graphically the effect of this on wheat market in Canada ?5- Canada population is reduced. Show the effect of population growth on Canada wheat market ?

The demand and supply schedules for wheat market are shown in the following table. Price ($) Quantity Demanded Quantity Supplied 0.00 500 125 1.00 400 175 1.50 350 200 2.00 300 225 2.50 250 250 3.00 200 275 3.50 150 300 4.00 100 325 5.00 0 375 Questions 1. Graph the demand and supply curves. What is the free -market equilibrium in this market? 2. Suppose the local government enforces a price floor $3.0. Show in your diagram the effect on price and quantity exchanged. 3. Suppose the local government enforces a price ceiling $1.5. Show in your diagram the effect on price and quantity exchanged. 4. Good weather increased wheat crop in Canada. Show graphically the effect of this on wheat market in Canada. 5. Canada population is reduced. Show the effect of population growth on Canada wheat market