Homework Answers
Answer 1. When price=$6/print
a. Quantity demanded= 70000
b. Quantity Supplied=30000
c. SHORTAGE=70000-30000=40000
d. Price ceiling at $6.
Answer 2. When Price=$10/print
a. Quantity demanded=50000
b. Quantity Supplied=80000
c. Surplus=80000-50000=30000
d. Price floor at $10
Answer 3.
A. Market equilibrium Price= $8
b. Quantity demanded= 600000
c. Quantity Supplied=600000
Answer 4. New demand curve is already drawn in the graph to the right of the old demand curve
Answer 5. a. New Equilibrium price=$10
b. New quantity demanded=80000
c. New quantity supplied=80000
d. With new demand and price=$8
There will be shortage=90000-60000=30000
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