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he table below shows the demand and supply schedules for bleach. PRICE QUANTITY DEMANDED QUANTITY SUPPLIED (per litre) (litres per week) (litres per week) 24

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he table below shows the demand and supply schedules for bleach. PRICE QUANTITY DEMANDED QUANTITY SUPPLIED (per litre) (litres per week) (litres per week) 24 60 10 50 18 20 40 30 30 12 40 20 50 6 160 A. Draw the demand and supply curves on the graph paper provided. (9 marks) B Indicate the equilibrium price and quantity. (2 marks) C. Suppose the government decides that the price of bleach is too high and imposes a price ceiling of $12, what would be the impact of such a ceiling? (2 marks) D. Instead of a ceiling, suppose the government places a price floor of $18. Explain the effect of the price floor. (2 marks)

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