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?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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