4. Now suppose that the government imposes a Price Floor equal to $8. As a result of this new policy, what is the quantity demanded? 5. What is the new quantity supplied? 6. As a result of this Price Floor, is there shortage or surplus, or is the price control non-binding?

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Q: 1. Suppose demand and supply are given by: P =120 – 4Q4 P = 2Q, a. Find equilibrium price and…

A: Hi Student, Thanks for posting the question. As per the guideline, we are providing answer for the…

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A: NOTE: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

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Q: 12. A current shortage is due to a price ceiling. If the price ceiling is removed, a. price would…

A: Since you have posted multiple independent questions in the same request, we will solve the first…

Q: 3. The price-supply and price-demand equations of a certain product are given by p = S(x) = 15 +…

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Q: 1. Using demand and supply analysis, explain the effect on the equilibrium price and quantity of a…

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