Suppose the demand of wheat (D) is given by D=63-4P and the supply of wheat (S) is

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Suppose the demand of wheat (D) is given by D=63-4P and the supply of wheat (S) is given by S =17+2P, where P is the price.

Use simple algebra to find equilibrium price and quantity traded.

63-4P=17+2P

46=6P

P=7.67

63-4*7.67=

63-30.68= 32.32

Calculate the amount of the shortage at a price of $5.3.

Related Book For answer-question

Economics

ISBN: 978-0073375694

18th edition

Authors: Campbell R. McConnell, Stanley L. Brue, Sean M. Flynn

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Posted Date: Apr 13, 2020 05:56 AM

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Suppose the demand of wheat (D) is given by D=63-4P and the supply of wheat (S) is

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Shortage Demand Supply Amo... View the full answer

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