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Draw supply and demand curves on accompanying graph

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Reference no: EM131220440

Use the following data to draw supply and demand curves on the accompanying graph.

Price $ 8 7 6 5 4 3 2 1

Quantity demanded 2 3 4 5 6 7 8 9

Quantity supplied 10 9 8 7 6 5 4 3

(a) What is the equilibrium price? $4.00

(b) If a minimum price (price floor) of $6 is set,

(i) What kind of disequilibrium situation results?

(ii) How large is it?

(c) If a maximum price (price ceiling) of $3 is set,

(i) What disequilibrium situation results?

(ii) How large is it?

Reference no: EM131220440

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