Suppose that the demand curve for wheat is Q=120-10p and the supply curve is Q=10p. The government imposes a price ceiling of p = $3 per unit. a. How do the equilibrium price and quantity change? (round quantities to the nearest integer and round prices to the nearest penny) The equilibrium quantity without the price ceiling is and the price without the price ceiling is $ The equilibrium quantity with the price ceiling is

Principles of Economics 2e
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Author:Steven A. Greenlaw; David Shapiro
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Chapter3: Demand And Supply
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Suppose that the demand curve for wheat is
Q=120-10p
and the supply curve is
Q=10p.
The government imposes a price ceiling of p = $3 per unit.
a. How do the equilibrium price and quantity change? (round quantities to the nearest integer and round prices to the nearest penny)
The equilibrium quantity without the price ceiling is and the price without the price ceiling is $
The equilibrium quantity with the price ceiling is
Transcribed Image Text:Suppose that the demand curve for wheat is Q=120-10p and the supply curve is Q=10p. The government imposes a price ceiling of p = $3 per unit. a. How do the equilibrium price and quantity change? (round quantities to the nearest integer and round prices to the nearest penny) The equilibrium quantity without the price ceiling is and the price without the price ceiling is $ The equilibrium quantity with the price ceiling is
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