# Help I am lost and don't understand

Sigchi4life
Category:
Economics
Price: \$10 USD

Question description

 Price Quantity Demanded Quantity Supplied Surplus (+) or Shortage  (–) \$12 7 9 \$11 8 8 \$10 9 7 \$9 10 6 \$8 11 5 \$7 12 4

·  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 with the help of the Grapher tool. Press the Alt+PrintScrn keys simultaneously. Open a Microsoft Word document and insert the image by pressing the Ctrl+V.

·  Suppose a price ceiling of \$8 is established. Does a surplus or shortage result? What is the amount of surplus or shortage?

·  Suppose a price ceiling of \$12 is established. What is its effect?

·  Suppose a price floor of \$12 is established. Explain its effect.

(Top Tutor) Daniel C.
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School: UCLA
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