Refer to the table below. a. What is the equilibrium price in this market? $ per bushel At what price is there neither a shortage nor a surplus? $ per bushel Fill in the surplus-shortage column (gray-shaded cells) and use it to confirm your answers. Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. b. Graph the demand for wheat and the supply of wheat. Be sure to locate the equilibrium price and equilibrium quantity. Instructions: Use the tools provided 'Supply' and 'Demand' to draw the demand and supply curves using the data in the table. Include each price-quantity combination. Each line should contain 6 reference points. Then use the tool provided 'Eq' to identify the equilibrium price and quantity. m b. Graph the demand for wheat and the supply of wheat. Be sure to locate the equilibrium price and equilibrium quantity. Instructions: Use the tools provided 'Supply' and 'Demand' to draw the demand and supply curves using the data in the table. Include each price-quantity combination. Each line should contain 6 reference points. Then use the tool provided 'Eq' to identify the equilibrium price and quantity. Market for Wheat 5.5 Tools / / 5'0 Supply Demand '73 --o {3 4.5 : 3 '3 Eq CD 3 a) 4.0 .2 a: 3.5 3.0 Q 55 60 65 70 75 80 85 90 Quantity (thousands of bushels) Instructions: Do not use a minus sign when entering your answers. c. How big is the surplus or shortage at $3.40? There is a (Click to select) | of thousand bushels. How big is the surplus or shortage at $4.90? There is a (Click to select) v of thousand bushels. How big a surplus or shortage results if the price is 60 cents higher than the equilibrium price? There is a (Click to select) v of thousand bushels How big a surplus or shortage results if the price is 30 cents lower than the equilibrium price? There is a (Click to select) v of thousand bushels