Essentials of Economics - Standalone book
10th Edition
ISBN: 9781259235702
Author: Bradley R Schiller, Karen Gebhardt
Publisher: McGraw-Hill Education
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Question
Chapter 3, Problem 4QFD
To determine
The market shortage for tickets with the help of an example.
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Students have asked these similar questions
The table below sets out the demand and supply schedules for college meals.
Price
(dollars per
meal)
4
5
6
7
8
Quantity
demanded
(meals per week)
3,000
2,750
2,500
2,250
Quantity
supplied
2,000
1,500
2,000
2,500
3,000
3,500
If the college put a price ceiling on meals at $7 a meal, what is the price students pay
for a meal? How many meals do they buy?
The price of a meal is $6 per meal and students buy 2,500 meals per week.
The price of a meal is $5 per meal and students buy 2,750 meals per week.
The price of a meal is $8 per meal and students buy 2,000 meals per week.
The price of a meal is $7 per meal and students buy 2,250 meals per week.
The table below illustrates the market's demand and supply for cheddar cheese.
Price Per Pound[$]
Quantity demanded
Quantity Supplied
3.00
320
200
3.50
280
220
4.00
240
240
4.50
200
260
5.00
160
280
What will the excess demand or the shortage(that is, quantity demanded minus quantity supplied) be if the government institutes a price ceiling for cheese of $3.50,
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Essentials of Economics - Standalone book
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