A) Suppose the following data represents the market for Russian staple foods. Use this data to construct the graph for this market. B) At equilibrium, what are the following? a) Price: b) Quantity Demanded: Price (Rubles) c) Quantity Supplied: Demand Supply 600 200 C) Suppose Stanislav Naumov decides to put a price ceiling at 3 rubles. Draw this price ceiling on the graph. a) New quantity demanded: b) New quantity supplied: c) Amount of shortage: 550 250 3 500 300 4 450 350 400 400 350 450
A) Suppose the following data represents the market for Russian staple foods. Use this data to construct the graph for this market. B) At equilibrium, what are the following? a) Price: b) Quantity Demanded: Price (Rubles) c) Quantity Supplied: Demand Supply 600 200 C) Suppose Stanislav Naumov decides to put a price ceiling at 3 rubles. Draw this price ceiling on the graph. a) New quantity demanded: b) New quantity supplied: c) Amount of shortage: 550 250 3 500 300 4 450 350 400 400 350 450
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter4: Labor And Financial Markets
Section: Chapter Questions
Problem 30P: Predict how each of the following economic changes will affect the equilibrium price and quantity in...
Related questions
Question
Read and answer question one. (May contain multiple parts).
![RUSSIA MAY SET PRICE CEILING FOR STAPLE FOODS AS DROUGHT FUELS INFLATION
14 August 2010 - by Anton Doroshev & Maria Levitov (Bloomberg)
1. Russia may set retail price cellings for basic foods, Deputy Industry and Trade Minister Stanislav Naumov said. The worst drought in at
least 50 years has slashed harvests across Russia, fueling inflation.Naumov told reporters today in Moscow "It's necessary to institute a
maximum retail price for those products that are in short supply".President Dmitry Medvedev's top economic advisor said he opposes
imposing maximum prices.
A) Suppose the following data represents the
market for Russian staple foods. Use this data
to construct the graph for this market.
B) At equilibrium, what are the following?
a) Price:
b) Quantity Demanded:
c) Quantity Supplied:
Price (Rubles)
Demand
Supply
600
200
C) Suppose Stanislav Naumov decides to put a
price ceiling at 3 rubles. Draw this price ceiling
on the graph.
2
550
250
3
500
300
a) New quantity demanded:
b) New quantity supplied:
c) Amount of shortage:
4
450
350
400
400
350
450
D) Why might Dmitry Medvedev's top economic
advisor oppose a price ceiling?
Russian Staple Foods
1
100
200
300
400
500
600
700
Price (Rubles)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2c14e9ce-ccf5-48df-9baa-1b2aca5a74d9%2F3333b080-9d5f-4f82-b7b6-9daf85e6261a%2Fxvoyxma_processed.jpeg&w=3840&q=75)
Transcribed Image Text:RUSSIA MAY SET PRICE CEILING FOR STAPLE FOODS AS DROUGHT FUELS INFLATION
14 August 2010 - by Anton Doroshev & Maria Levitov (Bloomberg)
1. Russia may set retail price cellings for basic foods, Deputy Industry and Trade Minister Stanislav Naumov said. The worst drought in at
least 50 years has slashed harvests across Russia, fueling inflation.Naumov told reporters today in Moscow "It's necessary to institute a
maximum retail price for those products that are in short supply".President Dmitry Medvedev's top economic advisor said he opposes
imposing maximum prices.
A) Suppose the following data represents the
market for Russian staple foods. Use this data
to construct the graph for this market.
B) At equilibrium, what are the following?
a) Price:
b) Quantity Demanded:
c) Quantity Supplied:
Price (Rubles)
Demand
Supply
600
200
C) Suppose Stanislav Naumov decides to put a
price ceiling at 3 rubles. Draw this price ceiling
on the graph.
2
550
250
3
500
300
a) New quantity demanded:
b) New quantity supplied:
c) Amount of shortage:
4
450
350
400
400
350
450
D) Why might Dmitry Medvedev's top economic
advisor oppose a price ceiling?
Russian Staple Foods
1
100
200
300
400
500
600
700
Price (Rubles)
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Principles of Economics 2e](https://www.bartleby.com/isbn_cover_images/9781947172364/9781947172364_smallCoverImage.jpg)
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
![Macroeconomics: Principles and Policy (MindTap Co…](https://www.bartleby.com/isbn_cover_images/9781305280601/9781305280601_smallCoverImage.gif)
Macroeconomics: Principles and Policy (MindTap Co…
Economics
ISBN:
9781305280601
Author:
William J. Baumol, Alan S. Blinder
Publisher:
Cengage Learning
![Exploring Economics](https://www.bartleby.com/isbn_cover_images/9781544336329/9781544336329_smallCoverImage.jpg)
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
![Principles of Economics 2e](https://www.bartleby.com/isbn_cover_images/9781947172364/9781947172364_smallCoverImage.jpg)
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
![Macroeconomics: Principles and Policy (MindTap Co…](https://www.bartleby.com/isbn_cover_images/9781305280601/9781305280601_smallCoverImage.gif)
Macroeconomics: Principles and Policy (MindTap Co…
Economics
ISBN:
9781305280601
Author:
William J. Baumol, Alan S. Blinder
Publisher:
Cengage Learning
![Exploring Economics](https://www.bartleby.com/isbn_cover_images/9781544336329/9781544336329_smallCoverImage.jpg)
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
![Managerial Economics: A Problem Solving Approach](https://www.bartleby.com/isbn_cover_images/9781337106665/9781337106665_smallCoverImage.gif)
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
![MACROECONOMICS](https://www.bartleby.com/isbn_cover_images/9781337794985/9781337794985_smallCoverImage.gif)
![Microeconomics: Principles & Policy](https://www.bartleby.com/isbn_cover_images/9781337794992/9781337794992_smallCoverImage.jpg)
Microeconomics: Principles & Policy
Economics
ISBN:
9781337794992
Author:
William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:
Cengage Learning