6 The table below presents the average monthly demand and supply of 4' x 8' sheets of plywood from a typical home building supply store. In any month when coastal states such as Florida are threatened by hurricanes, the typical monthly demand for plywood increases by 600 sheets at every price. Imagine Florida passes a "price gouging" law that prevents home building supply stores from 2 raising the price of plywood when hurricanes threaten. points Market for Plywood Initial Initial Quantity of Quantity of New Quantity Plywood Plywood eBook of Plywood Price Demanded Supplied Demanded (dollars) (sheets) (sheets) (sheets) $10 5,700 3,600 6,300 11 References 5, 600 3,800 6, 206 12 5,500 4,000 6,100 13 400 4, 206 6,000 14 5,306 4,400 5,900 15 5, 200 4, 600 5,806 16 5,106 4,800 5,700 17 5,000 5,006 5,606 18 4,900 5, 200 5,500 19 4, 800 5,400 5,400 20 4,700 5,606 5,300 21 4, 600 5,800 5, 200 Instructions: Enter your answers as a whole number. a. When there are no hurricanes threatening Florida, and without the "price gouging" law in place, what are the equilibrium price and quantity in the plywood market? P=$ Q = sheetsInstructions: Enter your answers as a whole number. a. When there are no hurricanes threatening Florida, and without the "price gouging\" law in place, what are the equilibrium price and guantity in the plywood market? P=$ Q= sheets b. When hurricanes threaten Florida, and without the "price gouging\" law in place, what are the equilibrium price and quantity in the plywood market? g Q= sheets c. When hurricanes threaten Florida, and with the \"price gouging\" law in place, what are the equilibrium price of plywood, the quantity demanded of plywood, and the quantity supplied of plywood? P=$ Qg= sheets Qs= sheets d. If the "price gouging" law goes into effect, the result of the law during hurricane season will be U to create a shortage of 400 sheets of plywood. () to create a shortage of 600 sheets of plywood. O to create a surplus of 400 sheets of plywood. ) to create a surplus of 600 sheets of plywood. - Evaluate the set of events below. Determine how the events will impact their respective markets. a. In examining the market for personal computers, a technological improvement reduces the cost of production. rfclnti The effect of the event will be | (Click to select) v|in | (Click to select) v| . As a result, the equilibrium price will | (Click to select) v | and the equilibrium quantity will | (Click to select) v|. eB!ook b. In examining the market for smart phones, there is a reduction in the number of sellers. E The effect of the event will be | (Click to select) v|in | (Click to select) v| . References As a result, the equilibrium price will [(Click to select) v | and the equilibrium quantity will [{Click to select) v . c. In examining the market for apps for smart devices, there is a tax levied on the sellers of apps. The effect of the event will be | (Click to select) v | in | (Click to select) w| . As a result, the equilibrium price will | (Click to select) +| and the equilibrium quantity will | (Click to select) v|