Refer to the table below.a. What is the equilibrium price in this market?$ per bushelAt what price is there neither a shortage nor a surplus?$ per bushelFill in the surplus-shortage column (gray-shaded cells) and use it to confirm your answers.Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (−) in front of those numbers.b. Graph the demand for wheat and the supply of wheat. Be sure to locate the equilibrium price and equilibrium quantity.Instructions: Use the tools provided 'Supply' and 'Demand' to draw the demand and supply curves using the data in the table. Include each price-quantity combination. Each line should contain 6 reference points. Then use the tool provided 'Eq' to identify the equilibrium price and quantity.Instructions: Do not use a minus sign when entering your answers.c. How big is the surplus or shortage at $3.40?There is a (Click to select) surplus shortage of thousand bushels.How big is the surplus or shortage at $4.90?There is a (Click to select) surplus shortage of thousand bushels.How big a surplus or shortage results if the price is 60 cents higher than the equilibrium price?There is a (Click to select) surplus shortage of thousand bushelsHow big a surplus or shortage results if the price is 30 cents lower than the equilibrium price?There is a (Click to select) shortage surplus of thousand bushelsrev: 07_02_2020_QC_CS-218608a.1. 4