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The following table shows the quantities of corn supplied and demanded (in bushels) at different prices: Quantity Supplied Price (per bushel) Quantity Demanded Quantity Surplus or Shortage (+) or (-) 120 $5 20 100 $4 40 70 $3 70 40 $2 110 a
The following table shows the quantities of corn supplied and demanded (in bushels) at different prices:
| Quantity Supplied | Price (per bushel) | Quantity Demanded | Quantity Surplus or Shortage (+) or (-) |
| 120 | $5 | 20 | |
| 100 | $4 | 40 | |
| 70 | $3 | 70 | |
| 40 | $2 | 110 |
a. Determine the amount of shortage/surplus at each price level,
b. Determine the equilibrium price and quantity,
c. Draw the demand curve and the supply curves,
d. Draw and explain the effect of an increase in demand and its impact on price and quantity.
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