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Problem:

Using the following schedule, describe the equilibrium price and quantity. Illustrate the condition at the price of $10. What will take place? Illustrate out the situation at a price of $2. What will take place?

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

problem 1: Assume the government obliged the minimum price of $7 in schedule of problem 1. What would take place? Demonstrate.

problem 2: In problem 1, point out what the price would have to be to represent the effective price ceiling. Indicate the surplus or shortages that result. Demonstrate a price floor and give an illustration of the price floor.

problem 3: Assess the following statement: "The demand for U.S. oranges has risen because the quality of U.S. oranges demanded in the Japan has increased."

Macroeconomics, Economics

  • Category:- Macroeconomics
  • Reference No.:- M910636

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