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- Calculate the effect of a price ceiling on the equilibrium priceand quantity.how the equilibrium price and quantity change when a change in demand occurs and the supply stay constant, and when a change in supply occurs and the demand stays constant?Alow-incomecountrydecidestosetapriceceiling on bread so it can make sure that bread is affordable to the poor.Table 3.11 provides the conditions of demand and supply. What are the equilibrium price and equilibrium quantity before the price ceiling? What will the excess demand or the shortage (that is, quantity demanded minus quantity supplied) be if the price ceiling is set at $2.40? At $2.00? At $3.60?
- Eliminate the Mango Market? Draw a supplydemand graph depicting a situation in which banning mango imports drives the quantity of mangos sold to zero.use a graph to illustrate and explain the effect on the equilibrium price and equilibrium quantity of a good if government sets a maximum price below the equilibrium price the good?chagg.com3. Consider the market for buko juice. In this market, the supply curve is given by S = 10PJ -5PA and the demand curve is given by D = | 100-15PJ +10PT, where J denotes buko juice, A denotes buko, and T denotes tea.
- A recent study found that the demand-and-supplyschedules for Frisbees arc as follows: a. Wha t arc the equilibrium price and quantity ofFrisbees?b. Frisbee manufacturers persuade the governmentthat Frisbee production improves scientists' understanding of aerodynamics and thus is import•ant for national security. A concerned Congressvotes to impose a price floor $2 above the equilibrium price. What is the ne·w market price? Howmany Frisbees arc sold 7c. Irate college students marcl, on Washington anddemand a reduction in the price of Frisbees. Aneven more concerned Congress vo tes to repeal the price floor and impose a price ceiling $1 below theformer price floor. Wha t is the new market price?How man}' Frisbees arc sold?Market researches have studied the market for milk,and their estimates for the supply of and the demand for milk per month are as follows:a.Using the data,graph the demand for and the supply for milk.Identify the equilibrium point as E,and use dotted lines to connect E to the equilibrium price onthe price axis and the equilibrium quantity on the quantity axis.b.Suppose the government enacts amilk price support of $8per gallon.Indicate this action on your graph,and explain the effect on the milk market?Why would the government establish such a price support?c.Now assume the government decides to set a price ceiling of $4 dollar per gallon.Show and explain how this legal price effects your graph of the milk market.What objective could the government be trying to achieve by establishing such a price ceiling?A. If the minimum wage is above W*, would there be a shortage or a surplus or neither in the labor market? Illustrate the minimum wage (Wmin), the quantity demanded at the minimum wage (QD^min), the quantity supplied at the minimum wage (Qs^min) , and wether there is a surplus or a shortage or neither on the graph above. B. If the minimum wage is below W* , would there be a shortage or a surplus or neither ? ( hint: it’s a minimum wage) C. Give atleast one argument for and one argument against having minimum wage that is above the equilibrium wage
- Which causes a shortage of a good----- a price cieling or a price floor? Justify your amswer with a graph .Draw a correctly labelled demand and supply graph for the market for toilet paper in the US with an equilibrium price of $20 per pack. During the pandemic, more people were buying toilet paper in fear that it would run out. On a the same graph, show how this affects the market for toilet paper. Explain your answer. Now impose a price ceiling at $15 per pack. What would be the impact of the price ceiling on the quantity demanded and quantity supplied? Illustrate this on the graph and explain. Will the price ceiling create a shortage or excess supply? Explain. Who would benefit from the price ceiling and who would be harmed? Explain your answer. Let the graph guide your thinking. Don’t start with your gut reaction! Let's suppose the government now impose a price floor of $15 for a pack of toilet paper. Draw the market for toilet paper with the new price floor of $15 and illustrate the impact on quantity demanded and quantity supplied Give an example of a price floor and who would…The diagram describes the hypothetical demand and supply for canned tuna in Canada in 2022. a. Suppose the price of a can of tuna is $4.00. What is the quantity demanded? What is the quantity supplied? At this price, is there a shortage or a surplus? By what amount? If the price is $4.00, the quantity demanded is supplied is million cans. There is a (Round your responses to the nearest integer) million cans and the quantity by million cans. b. Suppose the price of a can of tuna is $2.50. What is the quantity demanded? What is the quantity supplied? At this price, is there a shortage or a surplus? By what amount? If the price is $2.50, the quantity demanded is supplied is million cans. There is a (Round your responses to the nearest integer) c. What is the equilibrium price and quantity in this market? million cans and the quantity by million cans. The equilibrium price is S per can, and the equilibrium quantity is milion Caris (Round your responses to the nearest integer) Price…