Given that the total demand for beef and total supply of beef per week in the market is presented as follows: Fill in the surplus/shortage column What are the equilibrium price and quantity levels?

Here's the solution to question 11:

i) To fill the surplus/shortage column, we calculate the difference between the quantity supplied and the quantity demanded (Quantity Supplied - Quantity Demanded). A positive value indicates a surplus, while a negative value indicates a shortage.

Tons of beef demanded	Tons of beef supplied	Price/ton	Surplus/Shortage (Tons)
200	190	380	$190 - 200 = -10$ (Shortage)
350	258	410	$258 - 350 = -92$ (Shortage)
180	170	420	$170 - 180 = -10$ (Shortage)
210	200	290	$200 - 210 = -10$ (Shortage)
240	240	400	$240 - 240 = 0$ (Equilibrium)
230	242	410	$242 - 230 = 12$ (Surplus)
216	210	420	$210 - 216 = -6$ (Shortage)

ii) The equilibrium price and quantity levels occur where the quantity demanded equals the quantity supplied, resulting in zero surplus or shortage.

From the table:
The equilibrium price is \boxed{\text{\400/ton}}$. The equilibrium quantity is$\boxed{\text{240 tons}}$.