Price $ Quantity Demanded Quantity Supplied 2.5 3.0 3.5 4.0 4.5 5.0 5.5 64 62 60 58 56 54 52 40 44 48 52 56 60 64 10 What is the equilibrium price and quantity traded in this market? Price: Quantity: 11. At the equilibrium price how much in total are buyers paying for these mushrooms? 12. Suppose the government introduces a price floor of $5.5 per kilo. How much in total will mushroom buyers now be paying? 13. Assuming the price floor of $5.5 per kilo is still in effect, will it cause a surplus or a shortage? Circle the correct answer? Surplus Shortage 14. What will be the total number of kilos in the surplus/shortage?
Price $ Quantity Demanded Quantity Supplied 2.5 3.0 3.5 4.0 4.5 5.0 5.5 64 62 60 58 56 54 52 40 44 48 52 56 60 64 10 What is the equilibrium price and quantity traded in this market? Price: Quantity: 11. At the equilibrium price how much in total are buyers paying for these mushrooms? 12. Suppose the government introduces a price floor of $5.5 per kilo. How much in total will mushroom buyers now be paying? 13. Assuming the price floor of $5.5 per kilo is still in effect, will it cause a surplus or a shortage? Circle the correct answer? Surplus Shortage 14. What will be the total number of kilos in the surplus/shortage?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
please solve all these subparts 11,12,13 and 14.
I have required
![Price $
Quantity
Demanded
2.5
3.0
3.5
4.0
4.5
5.0
5.5
64
62
60
58
56
54
52
Quantity
Supplied
40
44
48
52
56
60
64
10 What is the equilibrium price and quantity traded in this market?
Price:
Quantity:
11. At the equilibrium price how much in total are buyers paying for these mushrooms?
12. Suppose the government introduces a price floor of $5.5 per kilo. How much in total will
mushroom buyers now be paying?
13. Assuming the price floor of $5.5 per kilo is still in effect, will it cause a surplus or a shortage?
Circle the correct answer?
Surplus
Shortage
14. What willI be the total number of kilos in the surplus/shortage?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F487e3069-51ac-4ad2-b098-f10c1b1345ef%2F8f8fce80-2984-42ee-ae14-57192b445694%2Fvv0ej09_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Price $
Quantity
Demanded
2.5
3.0
3.5
4.0
4.5
5.0
5.5
64
62
60
58
56
54
52
Quantity
Supplied
40
44
48
52
56
60
64
10 What is the equilibrium price and quantity traded in this market?
Price:
Quantity:
11. At the equilibrium price how much in total are buyers paying for these mushrooms?
12. Suppose the government introduces a price floor of $5.5 per kilo. How much in total will
mushroom buyers now be paying?
13. Assuming the price floor of $5.5 per kilo is still in effect, will it cause a surplus or a shortage?
Circle the correct answer?
Surplus
Shortage
14. What willI be the total number of kilos in the surplus/shortage?
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