Homework Answers
Answer)
The equilibrium is at $2 and at 65 units.When the price ceiling is set at $1 below equilibrium ,the quantity demanded will exceed quantity supplied and there will be shortage of apricots.
So,third option is correct.
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Question 20 3.75 pts Exhibit 4-10 Supply and demand data for apricots Bushels supplied Bushels demanded...
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15
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15
เงิ Demanded Price Surplus/Shortage 0 Supplied 3.4 65 23 81 3.7 71 10 75 4 75 0 70 4.3 78 8 6 4.6 80 14 63 4.9 81 18 c. How big is the surplus or shortage at $3.40? There is a shortage of 23 thousands of bushels How big is the surplus or shortage at $4.90? There is(Click to select) shortage surplus thousands of bushels d. How big a surplus or shortage results if the price is 60...
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