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Calculating shortage of goods after price ceiling.

American Mining Company is interested in obtaining quick estimates of the supply also demand curves for coal. The firm's research department informs you that the elasticity of supply is approximately 1.7, the elasticity of demand is approximately -0.85, and the current price and quantity are $41 and 1,206, respectively. Price is measured in dollars per ton, quantity the number of tons per week.

If the government refused to let American raise the price when demand increased, what shortage is created?

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M917852

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