Answer
At Price = 3.40, shortage of 13 thousand bushels
At Price = 4.90, Surplus of 21 thousand bushels
At Price = 60 cents higher than the equilibrium price, Surplus of 14 thousand bushels
At Price = 30 cents lower than the equilibrium price, shortage of 7 thousand bushels
Work Step by Step
At Price = 3.40, 72 - 85 = -13
At Price = 4.90, 81-60 = 21
At Price = 4-0.3 = 3.70, 73-80 = -7
At Price = 4+0.6 = 4.60 = 79-65 = 14
