Demand and Supply curves. The following relations explain demand and supply conditions in the wheat industry:
Qd=5,500-1,000P (demand)
Qs=-4,500+1,500P (supply)
Where Q is quantity measured in millions of bushels and P is price in dollars.
Complete the following table:
Price Quantity Supplied Quantity Demanded Surplus (+) or Shortage (-)
(1) (2) (3) (4)=(2)-(3)
$4.50
4.25
4.00
3.75
3.50