Homework Answers
17........ b ( no shortage or surplus; Surplus)
Explanation — Price ceiling is the fixing of maximum price of a commodity. The price ceiling above the equilibrium price has not any implication . Price will remain at the equilibrium so there will be no shortage or surplus situation.
Price floor means fixing the minimum price of a commodity. It has implications when it is set above the equilibrium price. As the equilibrium price is altered and the new price ( floor price) is above the equilibrium price so there will be a surplus ( unsold stock)
18......... b ( 60)
Explanation:-
| QL | TP (QO) | MP ( MPn=TPn—TPn—1) |
| 1 | 140 | — |
| 2 | 250 | 110 |
| 3 | 330 | 80 |
| 4 | 390 | 60 |
| 5 | 420 | 30 |
| 6 | 440 | 20 |
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