Plug the numbers in the chart into MS Excel and produce a Supply and Demand Chart, which you include with your answer sheet for submission

The table below contains information about the wheat market. Use it to answer the following questions: 

                                                                   Wheat Market

Price Per Bushel                   Quantity Demanded (bushels)            Quantity Supplied (bushels) 

$5                                                            30,000                                                     0 

$7                                                            26,000                                                 4,000 

$10                                                          22,000                                                 9,000 

$14                                                          18,000                                                 12,000 

$17                                                          15,000                                                 15,000 

$20                                                          12,000                                                  22,000 

$23                                                           8,000                                                   28,000 

$28                                                           4,000                                                   36,000 

1. Plug the numbers in the chart into MS Excel and produce a Supply and Demand Chart, which you include with your answer sheet for submission. 
2. What are the equilibrium price and quantity of wheat? 
3. Suppose the prevailing price is $15 per bushel. Is there a shortage or a surplus in the market? Explain why. 
4. What is the quantity of the shortage or surplus? Show your calculations. 
5. How many bushels will be sold if the market price is $10 per bushel? Show calculations. 
6. If the market price is $14 per bushel, what must happen to restore equilibrium in the market? Explain. 
7. At what price will suppliers be able to sell 22,000 bushels of wheat? Explain what would have to happen. 
8. Suppose the market price is $25 per bushel. Is there a shortage or a surplus in the market? Why? Explain. 
9. What is the total quantity of the shortage or surplus? 
10. How many bushels will be sold if the market price is $24 per bushel? 
11. If the market price is $21 per bushel, what must happen to restore equilibrium in the market? Why should that happen?