1) a) Click on Generate New Market Scenario until "Price Floor is binding," then click on Show Equilibrium Price and Quantity. i) Price Floor: _______ is binding.

ii) Equilibrium Price:

iii) Equilibrium Quantity:

iv) Is the binding price floor above or below the equilibrium price?

b) Pick a Current Price SAME as the price floor from part (a), then click on Show Market at Current Price. i) Quantity Demanded:

ii) Quantity Supplied:

iii) Market State:

iv) Price Trend:

https://ec-clange-web.cpp.edu/equilibrium/Floor.aspx

2) a) Click on Generate New Market Scenario until "Price Floor is NOT binding," then click on Show Equilibrium Price and Quantity. i) Price Floor: _______ is not binding.

ii) Equilibrium Price:

iii) Equilibrium Quantity:

iv) Is the non-binding price floor above or below the equilibrium price?

b) Pick a Current Price SAME as the price floor from part (a), then click on Show Market at Current Price. i) Quantity Demanded:

ii) Quantity Supplied:

iii) Market State:

iv) Price Trend:

Please upload charts.