4.Assume a price floor of $45 in Schedule 1; what is the result? Assume a price ceiling of $25 in Schedule 1; what is the result? In both cases what is the implication for resource allocation?
DEMAND/SUPPLY SCHEDULE 1 DEMAND/SUPPLY SCHEDULE 2
|
Price |
Qd |
Qs |
|
Qd + 200(at each price) |
Qs + 200(at each price) |
|
$50 |
200 |
800 |
|
|
|
|
$45 |
300 |
700 |
|
|
|
|
$40 |
400 |
600 |
|
|
|
|
$35 |
500 |
500 |
|
|
|
|
$30 |
600 |
400 |
|
|
|
|
$25 |
700 |
300 |
|
|
|
|
$20 |
800 |
200 |
|
|
|
- Please complete demand/supply schedule 2 i.e if Qd and Qs from schedule 1 are increased by 200 units.
2.Determine
3.Determine equilibrium Price & Quantity in Schedule 2.
4.Assume a
Assume a
In both cases what is the implication for resource allocation?
5. Distinguish between a change in demand/supply and change in quantity demanded/supplied.
6. In Schedule 2 state four (4) reasons that would shift the demand curve.
7.What are five (5) reasons that would shift the supply curve?
ONLY NEED HELP WITH #4 (IT IS THREE PARTS) WOULD BE GREATLY APPREICIATED, THANK YOU! IT ASKED ME TO UPLOAD A EQUATION BUT I DONT HAVE ONE TO UPLOAD HERE
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