ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Concept explainers

Price Ceilings and Price Floors
Price Ceilings and Price Floors strategy is used by the Government to control the prices of certain goods and services in the market. This method helps the Government to protect the interests of both buyers and suppliers in difficult economic times.
Question
1. Rank the following markets from that where price controls would cause the greatest disequilibrium between supply and demand down to those where controls would cause the smallest disequilibrium. A. 4 B. 1 C. 3 D. 2 M Rice in a poor country (elasticity of demand low; elasticity of supply low) Airline travel in a rich country (elasticity of demand high; elasticity of supply high) - Veterinary services (elasticity of demand medium, elasticity of supply low) Fashion (elasticity of demand high, elasticity of supply medium) 2. Rank these in terms of the price change with a sudden supply shortage. A. 2 B. 1 C.3 4
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Transcribed Image Text:1. Rank the following markets from that where price controls would cause the greatest disequilibrium between supply and demand down to those where controls would cause the smallest disequilibrium. A. 4 B. 1 C. 3 D. 2 M Rice in a poor country (elasticity of demand low; elasticity of supply low) Airline travel in a rich country (elasticity of demand high; elasticity of supply high) - Veterinary services (elasticity of demand medium, elasticity of supply low) Fashion (elasticity of demand high, elasticity of supply medium) 2. Rank these in terms of the price change with a sudden supply shortage. A. 2 B. 1 C.3 4
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