Microeconomics (with Digital Assets, 2 terms (12 months) Printed Access Card) (MindTap Course List)
12th Edition
ISBN: 9781285738352
Author: Roger A. Arnold
Publisher: Cengage Learning
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Question
Chapter 4, Problem 1WNG
To determine
The
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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.
On 30th March 2020, the Malaysian government for the first time impose a price ceiling of RM1.50 on face mask. Illustrate the price ceiling in the diagram that you have drawn in Question 1. Explain what problem(s) the government has caused by imposing the price ceiling.
Chapter 4 Solutions
Microeconomics (with Digital Assets, 2 terms (12 months) Printed Access Card) (MindTap Course List)
Ch. 4.1 - Prob. 1STCh. 4.1 - Prob. 2STCh. 4.1 - Prob. 3STCh. 4.2 - Prob. 1STCh. 4.2 - Prob. 2STCh. 4.2 - Prob. 3STCh. 4.3 - Prob. 1STCh. 4.3 - Prob. 2STCh. 4 - Prob. 1VQPCh. 4 - Prob. 2VQP
Ch. 4 - Prob. 3VQPCh. 4 - Prob. 4VQPCh. 4 - Prob. 5VQPCh. 4 - Prob. 1QPCh. 4 - Prob. 2QPCh. 4 - Prob. 3QPCh. 4 - Prob. 4QPCh. 4 - Prob. 5QPCh. 4 - Prob. 6QPCh. 4 - Prob. 7QPCh. 4 - Prob. 8QPCh. 4 - Prob. 9QPCh. 4 - Prob. 10QPCh. 4 - Prob. 11QPCh. 4 - Prob. 1WNGCh. 4 - Prob. 2WNGCh. 4 - Prob. 3WNGCh. 4 - Prob. 4WNGCh. 4 - Prob. 5WNGCh. 4 - Prob. 6WNG
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