Draw the supply and demand curve based on the following demand and supply schedules. Show on the graph: market price and equilibrium price. PriceQuantity DemandedQuantity Supplied$101000$128020$146040$164060$182080$200100Utilizing the supply and demand curve you have drawn above, show what market condition will prevail if the government sets the price of $18 in the market? What will happen to the market condition (at the government price of $18) if the income is reduced significantly.

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Answered: Draw the supply and demand curve based…

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter4: Prices: Free, Controlled, And Relative

Section: Chapter Questions

Problem 5QP

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Draw the supply and demand curve based on the following demand and supply schedules. Show on the graph: market price and equilibrium price.

Price	Quantity Demanded	Quantity Supplied
$10	100	0
$12	80	20
$14	60	40
$16	40	60
$18	20	80
$20	0	100

Utilizing the supply and demand curve you have drawn above, show what market condition will prevail if the government sets the price of $18 in the market?

What will happen to the market condition (at the government price of $18) if the income is reduced significantly.

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