There is a price ceiling of $2000. Click on the market price and quantity (assuming the law is strictly followed). tental Price 6000 4000 2000 E 1000 2000 0⁰ OE S 3000 4000 0$ d 5000 6000 Numb

3. The demand and supply curves of pens in the city of Nairobi are represented by the following function:- Required: Quantity demanded Qd=20-4p Quantity supplied Qs = -10 + 6p Where p is the price per pen. Calculate the equilibrium price and quantity. Examine the effect of a price ceiling set by the authorities at ii. Shs.2.00/= per pen.

H B G 1 hour 30 minutes 45 minutes 15 minutes S D 12 Quantity 2 10 If buyers in this market have to wait in line to purchase this good after a $1 price ceiling is imposed, each buyer purchases only one unit of the good, and buyers in the market value their time at $8 per hour, how long will the line have to be to clear the market?

Fill in the blank At a price of $100, there would be excess , so we would expect the price to .