questions Price Dollars per gallon D. GH¢9.00| GH¢7.00 GH¢4.00 12,000 18,000 30,000 Quantity (gallons per day) a. Determine equilibrium price and quantity. b. Suppose maximum price legislation is imposed at price GH¢4.00. Calculate the total shortages that may result as a result of the price legislation. c. Suggest any three ways that can be used to distribute oil as a result of implementation of the maximum price legislation.

questions Price Dollars per gallon D. GH¢9.00| GH¢7.00 GH¢4.00 12,000 18,000 30,000 Quantity (gallons per day) a. Determine equilibrium price and quantity. b. Suppose maximum price legislation is imposed at price GH¢4.00. Calculate the total shortages that may result as a result of the price legislation. c. Suggest any three ways that can be used to distribute oil as a result of implementation of the maximum price legislation.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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