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Effect of price flooring and price ceiling on demand and supply. 

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Using the following schedule, define the equilibrium price and quantity. Describe the situation at a price of $10. What will occur? Describe the situation at a price of $2. What will occur?

 

Price

Quantity demanded

Quantity supplied

$1

500

100

$2

400

120

$3

350

150

$4

320

200

$5

300

300

$6

275

410

$7

260

500

$8

230

650

$9

200

800

$10

150

975

 

1. Suppose the government imposed a minimum price of $7 in the schedule of problem 1. What would occur? Illustrate.

 

2. In problem 1, indicate what the price would have to be to represent an effective price ceiling. Point out the surplus or shortage that results. Illustrate a price floor and provide an ex of a price floor.

 

3. Elucidate the following statement: "The demand for U.S. oranges has rise just because the quality of U.S. oranges demanded in Japan has risen."

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M918066

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