Refer to the figure below. If the government sets a price ceiling at $20, there would be a(n): 90 80 70 60 50 40 30 20 10 S₁ X D₁ 4 8 12 16 20 24 28 32 36 O excess supply of 22 units. O Shortage of 10 units. excess shortage of 26 units. O shortage of 20 units.
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- What is the relationship between quantity Demanded and quantity supplied at equilibrium? What is the relationship when there is a shortage? What is the relationship when them is a surplus?Suppose that the demand and supply schedules for raisins in South Carolina are as fallows, quantitiesare measured in millions of packs per month. What is the quantity of raisins bought if the price is 50cents ? Price (cents per pack) Quantity demanded20 18030 16040 14050 12060 10070 8080 60 a) 120b) 180c) 100Refer to the figure below. If the government sets a price ceiling of $6, 18 16 14 12 10 8 6 4 2 D₁ 24 6 8 10 12 14 16 18 there would be a shortage of 14 units. O there would be an excess supply of 6 units. O There would be a shortage of 4 units. consur ers would demand 14 units.
- Refer to the figure below. If the government sets a price ceiling of $6, 18 16 14 12 10 8 6 4 2 2 4 4 68 10 12 14 16 18 there would be a shortage of 14 units. D₁ there would be an excess supply of 6 units. There would be a shortage of 4 units. consumers would demand 14 units.Excess supply of a product will cause the price to As a consequence Market for pizza of the price change, the quantity demanded will quantity 14.00- 13.00- 12.00- 11.00- supplied will increase decrease At the current market price PMatet of $9.00, there i of thousand pizzas per month (Enter your response as a positive integer.) 10.00- 9.00- PMarket a 8.00- * 700- 8 6.00- E 500- 4.00- 3.00- 2.00- 1.00- 40 22 510 15 20 25 30 35 40 45 so 55 60 Thousands of pizzas per month 0.00-24 20 S: 12 8 * 4 8 12 16 20 24 Q 10 WL D 一国 P. 16 4.
- Using the table below calculate the cross-price elasticity of flour with respect torice [4 marks]P1 P2 Q1 Q2Flour $9 $12 40 25Rice $4.45 $6.75 150 125The Unique Gifts catalog lists a "super loud and vibrating alarm clock." Their records indicate the following information on the relation of monthly supply and demand quantities to the price of the clock. Demand Supply Price 167 132 $32 137 172 $56 Use this information to find the following. (b) the demand equation p (c) the supply equation p (d) the equilibrium quantity and pricePrice of Gasoline P3 P₂ P₁ 0 9₂ 9₂ 52 D S₁ Price Ceiling Quantity of Gasoline Refer to the figure above. With a price ceiling present in this market, what will happen when the supply curve for gasoline shifts from S₁ to S₂? The market price will stay at P₁ due to the price ceiling. A shortage will occur at the price ceiling of P2. The price will increase to P3. A surplus will occur at the new market price of P₂.
- Refer to the table to the right. Over what range of prices is the demand price inelastic? A. between $8 and $16 B. between $12 and $16 C. over the entire range of prices D. between $2 and $8 Price per pound (Dollars) $16 14 12 10 8642 Quantity Demanded of cheese (pounds) 3 45678 9 10ges Table Illustrations Add-ins Media Links Comment Header & Text Symbols Footer 7 b_Kad 2.xlsx Price 10t Supply 6 3+.... Demand Shots 60 120 160 210 300 Quantity 27. Refer to the graph above. With an effective price ceiling at $3, the quantity supplied: A) falls from 210 to 120. B) falls from 120 to 60. C) increases from 120 to 210. D) increases from 60 to 120. la_Kac II_2 28. Refer to the graph above. With the effective price ceiling the quantity bought is: A) 60 B) 210 c) 160 d) 120 29. Refer to the graph above. With the effective price ceiling at $3, total consumer surplus will be: A) $240 B) $360 d) S300 d) $150 ductio Shot 7.01 PM1) Listen After weather system Derecho produccrs were accused of pricé gouging because bottled water skyrocketed in price. Consumers clamored for price controls to be implemented to keep the price of bottled water at pre- Derecho levels. What are the economic conscquences of the government placing a price ceiling on bottled water at the previqus price? Please explain.