Subject : Economics 3. using the following schedule define the equilibrum 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 Demand                        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   4. Suppose the government imposed a minimum price of $7 in the schedule 3 What would occur ? Illustrate   5.In exercise 3 , indicate what the price would have to be represent an effective price ceiling . Point out the surplus or shortage that results. Illustrate a price floor and provide an example of a price floor   deadline nov. 10 by 6pm est

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Level/Year: GRADUATE
Subject: ECONOMICS

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