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. 

Tutor Answer

(Top Tutor) Daniel C.
(997)
School: UCLA
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