Price results in the efficient quantity, Macroeconomics

Assignment Help:

The Price ceiling is the law that sets a maximum price below the equilibrium market price, but a price floor is the law that sets a maximum price above the market equilibrium price.

Using the data in the table below, determine the value in the Surplus (+) or Shortage


-Identify whether the number is a surplus, shortage, or neither.
-What is the efficient quantity?
-What price results in the efficient quantity? Using the data from the table, draw graphs of a demand and supply curve and indicate the point of equilibrium utilzing this graphing tool and post the result as goo.gl/keEOXW
-if the price of the ceiling is established at $8. Does a surplus or shortage result? What is the amount of surplus or shortage?
-if the price of the ceiling is established at $12 What is its effect?
-if the price of the floor is established at $12 what is the effect.


Related Discussions:- Price results in the efficient quantity

OPEN ECONOMY, EXPLAIN THE 5 SECTOR MODEL (OPEN ECONOMY) IN INCOME DETERMINA...

EXPLAIN THE 5 SECTOR MODEL (OPEN ECONOMY) IN INCOME DETERMINATION

Enumerate the categories of firms in the circular flow, Firms in the circul...

Firms in the circular flow We divide all firms into 3 categories: F R comprises all firms which acquire raw material (farm products, iron ore and so on), F H all those that p

Classical economic theory, Between 2007 and 2009 the U.S. economy experienc...

Between 2007 and 2009 the U.S. economy experienced a severe recession. In an effort to stimulate the economy, the federal government passed a stimulus package. Explain the federal

How commercial banks create money, How commercial banks "create money" ...

How commercial banks "create money" Commercial banks obviously cannot influence the amount of currency in the economy or the monetary base, since they are not allowed to print

Commercial banks: balance sheet, Commercial Banks: Balance Sheet The ac...

Commercial Banks: Balance Sheet The accompaning table gives the balance sheet of a commercial bank in a simplified format. The balance sheet contains particulars of a Bank's cu

Online homework, I sent to you an email for the online homework the deadlin...

I sent to you an email for the online homework the deadline through 10 hours all questions are about 10 please do it in full score

Demand for money, what is the meaning of the statement ''money is not merel...

what is the meaning of the statement ''money is not merely a veil or wrapper''?

The model building, THE MODEL BUILDING    A model of individual or a...

THE MODEL BUILDING    A model of individual or aggregate economic phenomena represents a simplification of real world economic complexities. It may be expressed in words, ta

Product information to consumers, Should the government increase, decrease ...

Should the government increase, decrease or remain the same in its level of intervention when it comes to mandating that companies provide product information to consumers? What ha

Probability that a randomly selected person from the city, In a city of 120...

In a city of 120,000 people there are 20,000 Norwegians. What is the probability that a randomly selected person from the city will be Norwegian?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd