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Using the Supply and Demand data below, graph the equilibrium price and quantity for the market for oats. Identify the equilibrium price and quantity.
Using the Supply and Demand data below, graph the equilibrium price and quantity for the market for oats. Identify the equilibrium price and quantity. (DO NOT list every price and quantity in your graph.) Price Quantity demanded Quantity supplied (bushels of oats) Price (bushels of oats) $4.40 10,000 $4.40 40,000 4.20 15,000 4.20 35,000 4.00 20,000 4.00 30,000 3.80 25,000 3.80 25,000 3.60 30,000 3.60 20,000 3.20 35,000 3.20 15,000 Equilibrium Price $ Equilibrium Quantity Describe the market at a price of $4.20. At $4.20, there is a (select wither Shortage or Surplus) value) units. Describe the market at a price of $3.60 At $3.60, there is a (select wither Shortage or Surplus) value) units. of (state a numerical of (state a numerical
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