A recent study found that the demand-and-supply schedules for Frisbees are as follows: a. What are the equilibrium price and quantity of Frisbees? (2) b. Frisbee manufacturers persuade the government that Frisbee production improves scientists’ understanding of aerodynamics and thus is important for national security. A concerned Diet members votes to impose a price floor $2 above the equilibrium price. What is the new market price? How many Frisbees are sold? (4) c. University students march on Tokyo and demand a reduction in the price of Frisbees. An even more concerned Diet members votes to repeal the price floor and impose a price ceiling $1 below the former price floor. What is the new market price? How many Frisbees are sold? Price per Frisbee Quantity Demanded Quantity Supplied  $11 1 million Frisbees 15 million Frisbees  10 2 12 9 4 9 8 6 6 7 8 3 6 10 1

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