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TUTORIAL 24 1 . Refer to the table to answer the following questions~ Bushels Demanded Bushels Supplied Per Per Month Price Per Bushel Month 45

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TUTORIAL 24 1 . Refer to the table to answer the following questions~ Bushels Demanded Bushels Supplied Per Per Month Price Per Bushel Month 45 $5 77 50 73 56 68 -NWA 61 61 67 57 (a) (i). Sketch demand curve and find the function of demand.~ (ii). Sketch supply curve and find the function of supply.~ (iii). Determine the equilibrium price and quantity in this market.~ (b) If the price at RM5:~ (i) What will happen market equilibrium? Calculate total excess/shortage at this price.

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