A recent study found that the demand and supply schedules for Anti-virus software are as follows: Price per Anti-virus Software Quantity Demand Quantity Supply 11$ 1 million Anti-virus software 15 million Anti-virus software 10 2 12 9 4 9 8 6 6 7 8 3 6 10 1 Questions: Explain each of the following questions with graph: 1)  What are the equilibrium price and quantity of Anti-virus software? 2)  Anti-virus software manufacturers persuade the government to impose a price floor $10. What is the new market price? How many Anti-virus software are sold? What situation it will causes? 3)  College students demand a reduction in the price of Anti-virus software. As a result, government impose a price ceiling $7. What is the new market price? How many

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A recent study found that the demand and supply schedules for Anti-virus software are as follows:

Price per Anti-virus Software Quantity Demand Quantity Supply
11$ 1 million Anti-virus software 15 million Anti-virus software
10 2 12
9 4 9
8 6 6
7 8 3
6 10 1

Questions:

Explain each of the following questions with graph:

1)  What are the equilibrium price and quantity of Anti-virus software?

2)  Anti-virus software manufacturers persuade the government to impose a price floor $10. What is the new market price? How many Anti-virus software are sold? What situation it will causes?

3)  College students demand a reduction in the price of Anti-virus software. As a result, government impose a price ceiling $7. What is the new market price? How many Anti-virus software are sold? What situation it will causes?

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