5th attemptPart 1If the city of Troy passed a law limiting the price of a parking permit to no more than $3, there would be excess demand of12permits.Part 2If the city of Troy amends its law to allow permits to be sold at a price of up to $12 each, there will be an excess demand of12permits. 05 QuestionO See page 12The diagram below shows the supply and demand for parking permits being traded among residents of the city of Troy. Answer the followingquestions based on this diagram.Price1514131211101011121314 15 162468.Quantity

Excess demand calculates the value by which demand is greater than supply at a particular price.

5th attempt Part 1 If the city of Troy passed a law limiting the price of a parking permit to no more than $3, there would be excess demand of 12 permits. Part 2 If the city of Troy amends its law to allow permits to be sold at a price of up to $12 each, there will be an excess demand of 12 permits.

5th attempt Part 1 If the city of Troy passed a law limiting the price of a parking permit to no more than $3, there would be excess demand of 12 permits. Part 2 If the city of Troy amends its law to allow permits to be sold at a price of up to $12 each, there will be an excess demand of 12 permits.

Principles of Economics (MindTap Course List)

8th Edition

ISBN:9781305585126

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 6CQQ

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