Business, 11.02.2022 18:40 chem1014

Lesson 3 Assignment Quantity Demanded Price Quantity Supplied Surplus/Shortage
85 $3.40 65
80 $3.70 70
75 $4.00 75
70 $4.30 80
65 $ 4.60 85
60 $4.90 90

The above table represents the market for pineapples.
a. Fill in the numerical values in the Surplus / Shortage column.

b. What is the equilibrium price? What is the equilibrium quantity? Explain your answers using the Surplus/Shortage column.

c. Draw a graph using the data in the table.

d. Suppose the government places a price floor of $4.60 in this market for pineapples. Show this price floor on your graph and explain the effect it will have on the market.

e. Suppose the government places a price ceiling of $3.70 in this market for pineapples. Show this price ceiling on your graph and explain the effect it will have on the market.

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Lesson 3 Assignment Quantity Demanded Price Quantity Supplied Surplus/Shortage
85 $3.40 65 <...

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