Question: Quantity Quantity Price Supplied Demanded ($ per tonne) (million tonnes) (million tonnes) 270 8.5 13.0 290 9.0 12.0 310 95 11.0 330 10.0 10.0 350

Quantity Quantity Price Supplied Demanded ($ per tonne) (million tonnes) (million tonnes) 270 8.5 13.0 290 9.0 12.0 310 95 11.0 330 10.0 10.0 350 10.5 9.0 370 11.0 8.0 a) Plot the above Supply and Demand curves based upon the data provided (6 marks) b) What is the equilibrium price and quantity of potash? (2 mark) c) How much potash would actually be purchased if the price was $290? (1 mark) d) How much potash would actually be sold if the price was $370? (1 mark) e) At a price of $290, is there excess supply or demand? How much? (2 marks) f) At a price of $370, is there excess supply or demand? How much? (2 marks)

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