Homework Answers
(a) Equilibrium occurs at the point where quantity demand and quantity supply is equal.
Hence, equilibrium quantity is 300.
Equilibrium price is 1.
(b). Price floor should be higher than the equilibrium price in order to be effective.
If effective price floor is $0.1 different from equilibrium price. Then effective price floor would be $1.1
At $1.1 quantity demand is 250 and quantity supply is 350.
Hence there is a surplus of 100.
(c). Price ceiling should be lower than the equilibrium price in order to be effective.
If effective price ceiling is $0.1 different from equilibrium price. Then effective price ceiling would be $0.9
At $0.9 quantity demand is 350 and quantity supply is 250.
Hence there is a shortage of 100.
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