Question
The following table contains information about the wheat market: Price per Bushel (dollars) Quantity Demanded (bushels) Quantity Supplied (bushels) $2 40,000 0 4 34,000 4,000
The following table contains information about the wheat market:
Price per Bushel (dollars) | Quantity Demanded (bushels) | Quantity Supplied (bushels) |
$2 | 40,000 | 0 |
4 | 34,000 | 4,000 |
6 | 28,000 | 8,000 |
8 | 24,000 | 16,000 |
10 | 20,000 | 20,000 |
12 | 18,000 | 28,000 |
14 | 12,000 | 36,000 |
16 | 6,000 | 40,000 |
Draw and label a graph representing this market (demand curve, supply curve, etc.) What is the market price of wheat in this market, and what is the total revenue to farmers at that price? If the farmers then band together and set a price floor of $14 per bushel, what will their total revenue be? Label these two revenue areas on your graph.
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