QUESTION 10 A low-income country decides to set a price ceiling on bread so they can make sure that bread is affordable to the poor. conditions of demand and supply are given in the table below. Price Qd Qs $1.60 9,000 5,000 $2.00 8,500 5,500 $2.40 8,000 6,400 $2.80 7,500 7,500 $3.20 7,000 9,000 $3.60 6,500 11,000 $4.00 6,000 15,000 What is the equilibrium price before the price ceiling? | (include decimal point) What is equilibrium quantity before the price ceiling? (exclude comma, whole number on What will the excess demand or the shortage (that is, quantity demanded minus quantity supplied) be if the price ceiling $2.40? What will the excess demand or the shortage (that is, quantity demanded minus quantity supplied) be if the price ceiling at $2.00? What will the excess demand or the shortage (that is, quantity demanded minus quantity supplied) be if the price ceiling at $3.60?

QUESTION 10 A low-income country decides to set a price ceiling on bread so they can make sure that bread is affordable to the poor. conditions of demand and supply are given in the table below. Price Qd Qs $1.60 9,000 5,000 $2.00 8,500 5,500 $2.40 8,000 6,400 $2.80 7,500 7,500 $3.20 7,000 9,000 $3.60 6,500 11,000 $4.00 6,000 15,000 What is the equilibrium price before the price ceiling? | (include decimal point) What is equilibrium quantity before the price ceiling? (exclude comma, whole number on What will the excess demand or the shortage (that is, quantity demanded minus quantity supplied) be if the price ceiling $2.40? What will the excess demand or the shortage (that is, quantity demanded minus quantity supplied) be if the price ceiling at $2.00? What will the excess demand or the shortage (that is, quantity demanded minus quantity supplied) be if the price ceiling at $3.60?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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