1. Discuss the role of Government in setting prices; explain with the help of graph the concepts of ceiling price and floor Price. Differentiate the change in quantity supplied and the change of supply with the help of graphs? 2. Plot the Quantity demanded and Quantity Supplied on graph. Show the equilibrium price and quantity. In addition highlight the area of surplus and shortage as well.

1. Discuss the role of Government in setting prices; explain with the help of graph the concepts of ceiling price and floor Price. Differentiate the change in quantity supplied and the change of supply with the help of graphs? 2. Plot the Quantity demanded and Quantity Supplied on graph. Show the equilibrium price and quantity. In addition highlight the area of surplus and shortage as well.

Principles of Economics (MindTap Course List)

8th Edition

ISBN:9781305585126

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter6: Supply, Demand And Government Policies

Section: Chapter Questions

Problem 3PA

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