macro economics 13th edition

| January 23, 2015

(a) What is the equilibrium price?
(b) How large a market shortage would exist if government set a price ceiling of $2 per gallon?
Price per gallon $5.00 $4.00 $3.00 $2.00 $1.00 $5.00 $4.00 $3.00 $2.00 $1.00
Quantity demanded (gallons per day) Quantity supplied (gallons per day)
Al 1 2 3 4 5 Firm A 3 3 2 2 1
Betsy 0 1 1 1 2 Firm B 7 5 3 3 2
Casey 2 2 3 3 4 Firm C 6 4 3 3 1
Daisy 1 3 4 4 6 Firm D 6 5 3 2 0
Eddie 1 2 2 3 5 Firm E 4 2 2 2 1

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