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Equilibrium price and equilibrium quantity

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A low-income country decides to set a price ceiling on bread so they can make sure that bread is affordable to the poor. The conditions of demand and supply are given in the table below.

  • What are the equilibrium price and equilibrium quantity before the price ceiling?
  • What will the excess demand or the shortage (that is, quantity demanded minus quantity supplied) be if the price ceiling is set at $2.40? At $2.00? At $3.60?

Reference no: EM131199641

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