ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Refer to the accompanying table to answer the next four questions.
Market for Public Transportation
Price Quantity Demanded Quantity Supplied
$0.75
$1.00
$1.25
$1.50
$1.75
$2.00
100,000
65,000
92,000
86,000
80,000
80,000
86,000
100,000
75,000
68,000
115,000
116,000
What is the amount of the shortage or surplus in the market for public transportation
when the price ceiling is $1.00?
a) a surplus of 86,000
O b) a shortage of 75,000
Oc) a shortage of 40,000
d) a surplus of 100,000
O e) a shortage of 12,000
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Transcribed Image Text:Refer to the accompanying table to answer the next four questions. Market for Public Transportation Price Quantity Demanded Quantity Supplied $0.75 $1.00 $1.25 $1.50 $1.75 $2.00 100,000 65,000 92,000 86,000 80,000 80,000 86,000 100,000 75,000 68,000 115,000 116,000 What is the amount of the shortage or surplus in the market for public transportation when the price ceiling is $1.00? a) a surplus of 86,000 O b) a shortage of 75,000 Oc) a shortage of 40,000 d) a surplus of 100,000 O e) a shortage of 12,000
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