1. Discuss the role of Government in setting prices; explain with the help of graph the concepts of ceiling price and floor Price. Differentiate the change in quantity supplied and the change of supply with the help of graphs? 2. Plot the Quantity demanded and Quantity Supplied on graph. Show the equilibrium price and quantity. In addition highlight the area of surplus and shortage as well.

1. Discuss the role of Government in setting prices; explain with the help of graph the concepts of ceiling price and floor Price. Differentiate the change in quantity supplied and the change of supply with the help of graphs? 2. Plot the Quantity demanded and Quantity Supplied on graph. Show the equilibrium price and quantity. In addition highlight the area of surplus and shortage as well.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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