Use the table from the previous problem. Suppose the government sets a price ceiling of $200.What is the amount bought and sold?1,5002,5003,500 We have the following table for humidifiers:Price Quantity supplied Quantity demanded$2003,5001,500$1753,0002,000$1502,5002,500$1252,0003,000$1001,5003,500$751,0004,000$505004,500$2505,000$005,500What is the equilibrium price?$75$100$150$175

equilibrium price is the price where quantity demand and quantity supplied in the economy is equal…

Answered: Price Quantity supplied Quantity…

Price Quantity supplied Quantity demanded $200 3,500 1,500 $175 3,000 2,000 $150 2,500 2,500 $125 2,000 3,000 $100 1,500 3,500 $75 1,000 4,000 $50 500 4,500 0 5,000 $25 $0 0 5,500

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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