4. Arc Elasticity where P = 250 and P = 200 Suppose the gov. set a price floor at $200. 5. There would be a shortage, surplus, or no effect. 6. If a shortage or surplus, give the amount. Suppose the gov. set a price ceiling at $200. 7. There would be a shortage, surplus, or no effect. 8. If a shortage or surplus, give the amount.
4. Arc Elasticity where P = 250 and P = 200 Suppose the gov. set a price floor at $200. 5. There would be a shortage, surplus, or no effect. 6. If a shortage or surplus, give the amount. Suppose the gov. set a price ceiling at $200. 7. There would be a shortage, surplus, or no effect. 8. If a shortage or surplus, give the amount.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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