5. Suppose the total demand for wheat and the total supply of wheat per month in the Kansas City grain market are as follows:4 " Thousands Price- Thousand Surplus (+) + of bushels per of bushelse ore demanded bushel supplied shortage (-)~ 854 $3.404 804 3.70- 4.004 4.304 4.604 794 60( 4.90( a. What will be the market or equilibrium price? What is the equilibrium quantity? Using the surplus-shortage column, explain why your answers are correct. b. Graph the demand for wheat and the supply of wheat. Be sure to label the axes of your graph correctly. Label equilibrium price "P" and the equilibrium quantity "Q." c. Why will $3.40 not be the equilibrium price in this market? Why not $4.90? "Surpluses drive prices up; shortages drive them down." Do you agree?~ d. Now suppose that the government establishes a ceiling price of, say, $3.70 for wheat. Explain carefully the effects of this ceiling price. Demonstrate your answer graphically. What might prompt the government to establish a ceiling price?~