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The data in the following table represents Canadian wheat market where, Qd and Qs are the quantity of wheat demanded and supplied in bushels per
The data in the following table represents Canadian wheat market where, Qd and Qs are the quantity of wheat demanded and supplied in bushels per week respectively, and P is the price of wheat in dollars per bushel.
PriceQdQsSurplus/Shortage
103,0008,000---------
93,5007,000----------
84,0005,500----------
74,5004,500---------
65,0003,500----------
Calculate the amount of surplus/shortage if the current market price is $6 per bushel. Analyze its impact on market price and quantity.
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