1.3. Suppose that the quantity demanded and quantity supplied in the market for milk is as follows:...

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1.3. Suppose that the quantity demanded and quantity supplied in the market for milk is as follows:

Price per Gallon

$1 Quantity Demanded 1000 2000 3500 4100 6000 Quantity Supplied 5000 4500 3500 2000 1000

a. What is the equilibrium price and quantity of milk?

b. If the government places a price ceiling of

$2 on milk, will there be a shortage or sur plus of milk? How large will it be? How many gallons of milk will be sold?

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Modern Principles Microeconomics

ISBN: 9781429239998

2nd Edition

Authors: Tyler Cowen, Alex Tabarrok

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Question Posted: Nov 16, 2024 03:00 AM

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1.3. Suppose that the quantity demanded and quantity supplied in the market for milk is as follows:...

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Modern Principles Microeconomics

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