The following tables show the market demand and supply for soybeans. Price Quantity Demanded Quantity Supplied ($

Question:

The following tables show the market demand and supply for soybeans.

Price Quantity Demanded Quantity Supplied

($ per Bushel) (Bushels per Year) (Bushels per Year)

10 0 120 9 10 110 8 20 100 7 30 90 6 40 80 5 50 70 4 60 60 3 70 50 2 80 40 1 90 30 0 100 20

(a) What is the equilibrium price?

(b) What is the equilibrium quantity?

Suppose the CCC loan rate is $5.

(c) What is the new quantity supplied?

(d) What is the new quantity demanded?

(e) How much is this shortage or surplus?

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